Finance Secretary Ashok Chawla said the economy could finally grow higher than the 7.2 per cent estimated by the official statistical department on Monday.
According to the advance estimates of the Central Statistical Organisation (CSO) released on Monday, the economy will grow by 7.2 per cent in the current fiscal against 6.7 per cent last financial year.
"This is an advance estimate. What normally we see when the final numbers come out for the third and fourth quarters is that there would be an upward bias and we are sure that this time also the same is going to happen," Chawla told reporters.
"In terms of what the future policy framework is going to be, I think you will have to wait for the budget," he said on being asked about the implication of the growth estimate on the fiscal stimulus measures.
The Finance Ministry pegged GDP growth at 7.75 per cent in the mid-term economic review, while the RBI projected it at 7.5 per cent in its quarterly monetary policy review last month.
Chief Economic Advisor Kaushik Basu said the growth estimate confirms that the country has clearly turned from the downturn.