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