Finance Minister P Chidambaram today termed the current fiscal as a "difficult year" for the economy, yet the growth rate would be around 7-8 per cent.

"This government will ensure that economy will grow at 7-8 per cent compared to an average growth of 5-6 per cent when NDA was in power," Chidambaram said.

It has been a resounding start for the eleventh five year plan, he added.

Indian economy witnessed a growth of 9.1 per cent in 2007-08.

On the debt waiver scheme announced in this year's Budget, the Finance Minister said a debt waiver of Rs 50,254 crore has been given to small and marginal farmers.

In addition to this, the government also gave debt relief of Rs 16,223 crore, taking the total amount to Rs 66,477 crore.

The scheme has benefited a total of 3.64 crore, including 2.98 small and marginal farmers, he said.