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FM satisfied with 4.9% growth, expects pick up in next fiscal

Last Updated: Saturday, February 8, 2014 - 11:57

New Delhi: Finance Minister P Chidambaram on Friday expressed satisfaction over the growth projections for 2013-14 and exuded confidence that it will improve significantly in the next fiscal.

Commenting on the CSO figures that projected a growth of 4.9 percent GDP in the current fiscal, he said, "This means that growth in the second half of 2013-14 has been better than growth in the first half of the fiscal."

The growth rate in the first half (April-September) in 2013-14 was 4.6 percent.

"We had anticipated that growth in the second half will improve and I am happy that our estimate has come true. This estimate of 4.9 percent for the whole year will in all likelihood be revised upwards in the first, second and final revisions over the next two years.

"I am confident that the final estimate will be not less than 5 percent for the whole year", he told the agency.

Chidambaram said he was particularly happy that agriculture growth has been estimated at 4.6 percent for 2013-14.

"This is a vindication of the policies pursued by the UPA government including higher minimum support price, subsidy to fertiliser, enhanced credit to farmers, provision of quality seeds, etc.", he said.

Going forward, he said, "I am confident that growth in 2014-15 will show a significant improvement over 2013-14."

As per the CSO estimates, the GDP in the current fiscal will improve to 4.9 percent from 4.5 percent a year ago, mainly on account of the good performance of the farm sector.

First Published: Saturday, February 8, 2014 - 11:02
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