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Indian economy to grow at over 5% this fiscal: official

delhi Updated: Oct 01, 2013 12:46 IST
Indian economy

The Indian economy will grow at more than 5% in the current financial year ending in March 2014, economic affairs secretary Arvind Mayaram said on Tuesday.

"It will be more than 5%. It cannot be less than that," Mayaram told reporters.

Mayaram also said as of now, a shutdown of the US government is not likely to have a major impact on the Indian economy.

"As of today, I don't see any major impact on the Indian economy on that account."

He further said that India will finance its current account deficit fully in the fiscal year ending March without drawing down on its reserves, and will also contain the fiscal deficit at 4.8% of GDP.

Mayaram added the government would not have to go beyond the finance ministry's planned market borrowing for the year, and would be able to meet its budgeted revenue target.

Economic growth will pick up in the second half of the fiscal year, he said.

India's current account deficit grew less than expected in the June quarter and is tipped to ease in coming months as a pick-up in exports and lower gold imports improve the trade balance, offering relief to the battered rupee.

The current account deficit (CAD) for the three months through June was $21.8 billion, or 4.9% of gross domestic product, driven by sluggish exports and high gold imports in April and May before the government hiked tariffs on the metal to a record 10%.