Rediff.com » Business
6% GDP growth certain next fiscal, says Montek
Source: PTI November 27, 2013 14:08 IST
Exuding confidence that economy will be back on high growth trajectory, Plan panel Deputy Chairman Montek Singh Ahluwalia today said that GDP will expand by over 6 per cent next fiscal and performance will be better in second half of this fiscal.
"I could easily say that it (economic growth) will be over 6 per cent, depending upon the policy of new government," Ahluwalia said addressing an event of Indian School of Business in Hyderabad.
". . . I think it (revival in the economic growth) will be evident in the next six months..next year on the other hand, we can reasonably expect a very strong improvement in performance," he said.
"I expect the second half of current year (fiscal) to be better than the first half. I don't think that at the moment, we see signs of strong revival yet. But I do get a picture that people think that the (decline) in
the economy has bottomed out," he added.
According to the government data available, India's gross domestic product or economy grew at a decade low rate of 5 per cent in the last fiscal.
There seems to be persistent sluggishness in the economy as gross domestic product growth slowed down to 4.4 per cent in April-June quarter from 4.8 per cent in January-March quarter this year.
The economy had grown at 5.4 per cent in the corresponding quarter of April-June last fiscal.
Later talking to reporters, Ahluwalia said, "The current account deficit will be between 2.5 to 2.7 per cent of GDP this fiscal."
CAD is a difference between outflow and inflow of foreign exchange.
It was at $88.2 billion or 4.8 per cent of GDP in the last fiscal.
The Finance Ministry expects it to be at $56 billion or less this financial year.
Ahluwalia also said that many of actions taken (by the government) will allow investment to flow in.
Source:
PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
Recommended by Rediff.com
Why growth remains a major concern for India
Vegflation: Another killer for India's economy!
The Reserve Bank's mission impossible?
The MISTAKES that proved costly for Nokia, Infosys
Markets remain volatile in a narrow range
© 2024 Rediff.com