Not happy with CSO's growth projection, finance minister P Chidambaram on Saturday said there are signs of upturn in the economy and it is likely to grow at a higher rate of 5.5% this fiscal and further improve to 6-7% in 2013-14.

"While 5% growth rate of CSO is low and is a matter of concern... we believe growth will be closer to 5.5% rather than CSO's estimate of 5%", he said while launching the Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai.

The minister further said that Central Statistical Organisation's (CSO) estimate of 5% was not the lowest of the decade.

"It is still higher than the two record lows of 2000-01 and 2002-03. There are signs of upturn and that will take us back to high growth path," Chidambaram said.

The minister further said: "We should we without any reason, denigrate our own performance and record.

"I have no doubt in my mind that we will come out of trough and we will climb back to growth rate of between 6-7% next year and then between 7 and 8% in the year after."

CSO's advance growth estimate of 5% for the current fiscal has evoked sharp reaction from Finance Ministry which said that it has based the projection on data available till November, and ignored the signs of uptrend.