The countrys GDP growth rate is expected to accelerate in the next fiscal, hinging on normal monsoons, continuation of the recent reform process and widely anticipated global recovery, Crisil said in a report on Wednesday. The agency, however, said the outcome of general elections would also play a crucial rule in determining the growth rate. The agency expects growth rate to slide to 4.8% in FY14 and in 2014-15, it estimates growth to jump to 6%.
"We believe growth will print at 6% for 2014-15, up from our 4.8% estimate for 2013-14. The pick-up will be aided by implementation of stalled projects, removing hurdles in the mining sector and recovery in industry on higher external demand," Crisil said in its report India Economic Forecast. The growth rate in 2012-13 slipped to decade low of 5%. Crisil said the next fiscal could be a year of new leadership and old challenges.