Finance Minister P. Chidambaram has reiterated the need for reforms to pursue economic growth.Speaking at Annual Economic Editors' Conference in New Delhi on Monday, Chidambaram said that the country would suffer sharp and continuing economic slowdown in case reforms were not accepted.

Speaking on the topic, he said, "Without reforms, we risk a sharp and continuing slowdown of the economy, which we cannot afford given the imperative need to generate jobs and incomes for a large population."

The Congress-led UPA government recently announced a slew of reforms, such as opening of multi-brand retail and aviation sectors to foreign direct investment (FDI), to provide a much-needed boost the economy.

The government has plans to raise the investment-GDP ratio to 37 per cent to 38 per cent to escalate growth to 8 per cent. As per government's estimates, GDP will grow at a rate of 7.6 per cent in the fiscal year of 2011-12.

But, Indian GDP grew at a rate of just 5.5 per cent in the first quarter. Moreover, most economists have slashed their growth projections for the Indian economy to less than 6 per cent.

However, Chidambaram said if the GDP growth rate fell short of estimated 7.6 per cent, then too, it would be four times than that of advanced economies.