"India's economic growth rate in the current fiscal has been estimated at 4.9 per cent. This is an encouraging news. (It implies) the growth in second quarter of current fiscal has been more than 5 per cent. This indicates that slowdown has been bottomed out.
"There is probability that gross domestic product (GDP) growth figure for 2013-14 will be revised upwards, as it happened in 2011-12," Rangarajan told PTI.
According to advanced estimates released today by the Central Statistics Office (CSO), GDP growth for 2013-14 is estimated at 4.9 per cent as compared to the growth rate of 4.5 per cent in 2012-13.
The latest estimate of 4.9 per cent for 2013-14 implies that the pace of economic expansion improved in the second half, given that GDP grew 4.6 per cent in the April-September period.
On January 31, it had revised GDP growth for 2011-12 upwards to 6.7 per cent from 6.2 per cent. The CSO had however lowered growth for 2012-13 to 4.5 per cent in its revised estimates from an earlier provisional forecast of 5 per cent.
For 2013-14, the CSO has projected a growth rate of 4.6 per cent in agriculture and allied sectors, up from 1.4 per cent a year earlier.
Manufacturing, however, is expected to register a contraction of 0.2 per cent in this financial year compared with growth of 1.1 per cent in the previous year.