Advertisement

HindustanTimes Fri,25 Apr 2014

Economy to grow at 5.5% in current fiscal, says Montek

PTI  New Delhi, February 17, 2013
First Published: 12:20 IST(17/2/2013) | Last Updated: 13:34 IST(17/2/2013)

Economy would grow at a rate of between 5% and 5.5% in current fiscal and could expand by 7% in 2013-14, said plan panel deputy chairman Montek Singh Ahluwalia.

Advertisement

"It (GDP growth rate) would be somewhere between 5% and 5.5%. If everything worked perfectly, I would not rule out 7% next year (2013-14)", Ahluwalia said in an interview to PTI.

His comments came after the Central Statistical Organisation (CSO) has projected 5% economic growth this fiscal in its advance estimates released earlier this month.

In best case scenario the growth could climb to "5.5%" this fiscal, he said, adding "if there was strength in the recovery then many more signs would have been evident".

Economic growth in 2011-12 slipped to 6.2% from 9.3% a year ago mainly on account of global factors and subdued investor sentiments.

Gross Domestic Production (GDP) of the country has grown by 5.5% in April-June quarter and further declined to 5.3% in July-September quarter.

The recent industrial production data which reflects the health of mainly the manufacturing sector, has also portrayed a dismal picture. Manufacturing constitutes almost 75% of the IIP.

The factory output measured in terms of Index of Industrial Production (IIP) for December, 2012, has contracted by 0.6% for second straight month. IIP declined by 0.8% in November 2012.

Advertisement
more from Business

Microsoft Q3 earnings beat Wall Street expectations

Revenue gains from its Windows operating system and cloud computing services like Azure were offset by the lack of special upgrade offer revenues from a year ago.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved