5.8 per cent in the current fiscal. The first quarter of 2012-13 recorded a growth rate of 5.5 per cent, while the figures for the second quarter will be released later in the month.
The latest Index of Industrial Production (IIP) data showed 0.4 per cent contraction in factory output in September on account of dismal performance of manufacturing and capital goods sectors. The industrial output again entered the negative zone after showing a 2.3 per cent growth in the previous month.
Referring to the issues concerning farming sector, Chidambaram said all Kisan Credit Cards (KCCs) would be converted into ATM cards and that agriculture sector credit disbursal target of Rs 5.75 lakh crore, up from Rs 4.75 lakh crore in the last fiscal, would be met.
A new draft of the credit guarantee scheme would be placed before the cabinet in the next seven to ten days, the Minister added.
On the issue of NPAs in the banking sector, Chidambaram said RBI guidelines permit restructuring of loans.
"Just because an account has become an NPA, does not mean that it cannot be restructured. In fact it (RBI guidelines) allows for restructuring of an account. I think all the chairpersons are sensitive to this matter and am sure we will see through this difficult period (till) the economy recovers and the accounts become standard accounts", he added.