Economy to grow at 5.5% this fiscal, 7% in 2013-14: Montek

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Press Trust of India: New Delhi, Feb 18 2013, 20:44 IST

Indian economy would grow between 5% and 5.5% in the current fiscal and could expand by 7% in 2013-14, Plan panel deputy chairman Montek Singh Ahluwalia has said. “It (GDP growth rate) would be somewhere between 5% and 5.5%. If everything worked perfectly, I would not rule out 7% next year (2013-14),” Ahluwalia said in an interview.

His comments came after the Central Statistical Organisation (CSO) projected 5 % economic growth this fiscal in its advance estimates released earlier this month.

In the best-case scenario, the growth could climb to 5.5% this fiscal, he said, adding “if there was strength in the recovery, many more signs would have been evident”.

Economic growth in 2011-12 slipped to 6.2% from 9.3% a year ago, mainly on account of global factors and subdued investor sentiments.

The Gross Domestic Production (GDP) of the country grew 5.5% in April-June quarter and further declined to 5.3% in July-September quarter.

The recent industrial production data, which reflects the health of mainly the manufacturing sector, has also portrayed a dismal picture. Manufacturing constitutes almost 75% of the IIP. The factory output measured in terms of Index of Industrial Production (IIP) for December, 2012, contracted 0.6% for the second straight month. IIP declined 0.8% in November 2012.

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