Government today hoped that India's economy will grow close to 8.75 per cent this fiscal. Finance Minister Pranab Mukherjee said the textile industry has performed well over a period of time and contributed significantly to India's exports. Mr Mukherjee said the industry has also become instrumental in providing direct employment to 35 million people in rural and urban areas. He said that the need of the hour is to accelerate and sustain the growth of the textile sector and improve banking and financial services in rural areas for inclusive growth of India's economy. He was speaking after inaugurating the the Textile Conclave, the finance minister said despite a slow economic recovery in the West and a fragile European situation, the emerging economies like India, China, Brazil have done well and will continue to do well this year too. Later talking to newsmen, Mr. Mukherjee said the government is continuously watching the spurt in global crude oil prices which crossed 100 dollar per barrel in the wake of current crisis in Egypt and is confident of handling the situation well.He said the spiraling crude oil prices is a matter of concern and the finance ministry in constant touch with the oil ministry to deal with situation and as it did 2008 when oil prices hit as high as 147 US dollar per barrel. Mr Mukherjee said the crisis in Arab world is posing uncertainty on crude oil production and availability.