Finance Minister P Chidambaram has said the three stimulus packages India had provided to the economy in the wake of the global financial crisis post 2008-09 lead to a higher fiscal deficit, inflation and slowdown in growth.

He said the government is going to take more steps on the supply side to bring down the inflation and ensure 7 per cent growth rate next year.

Mr. Chidambaram in his address to the Peterson Institute for International Economics, a Washington-based think-tank, said that the three stimulus packages, which were undertaken by his predecessor, resulted in increase in fiscal deficit, inflation and slowdown in growth.

He said five per cent growth rate is unacceptable for India, as our potential growth rate is much higher.