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India's GDP growth will not be less than 5% in 2013-14: FM

PTI | Last Updated: Sunday, February 9, 2014 - 10:20

New Delhi: Finance Minister P Chidambaram on Saturday expressed confidence that the economic growth rate for the current financial year will be revised to not less than 5 percent.

"I am confident that the final estimate will be not less than 5 percent for the whole year," Chidambaram said, while commenting on the Central Statistics Office's projection of 4.9 percent growth.

Growth in 2012-13 slipped to a decade-low of 4.5 percent. The economy expanded 4.6 percent in the first half (April-September) of this financial year.

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

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

"It is a vindication of the policies pursued by the UPA government, including higher MSP (minimum support price), subsidy to fertilisers, enhanced credit to farmers and provision of quality seeds," Chidambaram said.

First Published: Saturday, February 8, 2014 - 17:29
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