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Growth rate may be more than 6% this fiscal: Rangarajan

Last Updated: Monday, June 24, 2013 - 21:44

New Delhi: The country's economic growth rate is expected to be more than 6 percent in this fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan has said.

"The growth rate in the current fiscal will be more than 6 percent. We had originally projected the growth rate at 6.4 percent," Rangarajan told private news channel in an interview.

The growth rate in the last fiscal year is estimated at 5 percent, which is a decade low number. The economy grew at 4.8 percent in the fourth quarter of FY13.

The Reserve Bank has projected the economy to grow at 5.7 percent in the current fiscal, while the Finance Ministry has forecast 6.1-6.7 percent growth.

On current account deficit (CAD), Rangarajan said would be around 4.7-4.8 percent of the GDP.

"If the CAD last year was close to 5 percent of the GDP, this year it will be around 4.7-4.8 percent. Last year we had no problems in getting capital flows equivalent to USD 93 billion," he said.

PTI

First Published: Monday, June 24, 2013 - 21:44
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