FM satisfied with 4.9 pct growth, expects pick up in next fiscal

Feb 07 2014, 22:49 IST
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We had anticipated that growth in the second half will improve and I am happy that our estimate has come true. Reuters We had anticipated that growth in the second half will improve and I am happy that our estimate has come true. Reuters
SummaryWe had anticipated that growth in the second half will improve and I am happy that our estimate has come true.

Finance Minister P Chidambaram today expressed satisfaction over the growth projections for 2013-14 and exuded confidence that it will improve significantly in the next fiscal.

Commenting on the CSO figures that projected a growth of 4.9 per cent GDP in the current fiscal, he said, "This means that growth in the second half of 2013-14 has been better than growth in the first half of the fiscal."

The growth rate in the first half (April-September) in 2013-14 was 4.6 per cent.

"We had anticipated that growth in the second half will improve and I am happy that our estimate has come true. This estimate of 4.9 per cent for the whole year will in all likelihood be revised upwards in the first, second and final revisions over the next two years.

"I am confident that the final estimate will be not less than 5 per cent for the whole year", he told PTI.

Chidambaram said he was particularly happy that agriculture growth has been estimated at 4.6 per cent for 2013-14.

"This is a vindication of the policies pursued by the UPA government including higher minimum support price, subsidy to fertiliser, enhanced credit to farmers, provision of quality seeds, etc.", he said.

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

As per the CSO estimates, the GDP in the current fiscal will improve to 4.9 per cent from 4.5 per cent a year ago, mainly on account of the good performance of the farm sector.

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