business-india-news

Chidambaram pegs economic growth at 5 percent for 2013-14

New Delhi, Dec 2 : The Indian economy is on the path of recovery. Growth will accelerate in the coming quarter and is expected to be around five percent for the current financial year, Finance Minister P. Chidambaram said Monday.


The country's gross domestic product (GDP) growth rose to 4.8 percent in the quarter ended September as compared to 4.4 percent in the previous quarter, according to latest data from the Central Statistics Office (CSO).

Average growth in the first two quarters of the current financial year stood at 4.6 percent.

Addressing a press conference here, Chidambaram said the economic growth performance in the second quarter of the current financial year was in line with the government's expectation and was likely to improve significantly in the second half of the year.

"The second quarter GDP growth rate indicates that the economy may be recovering and is on a growth trajectory again," the finance minister said.

Apart from the second quarter GDP growth numbers, Chidambaram also based his optimism on recovery in exports and a very good improvement in current account deficit situation.

"With the recent improvements in some important sectors like manufacturing, better performance of exports and with the measures taken by the government, the economy can be expected to show further improvement.

"We expect the growth for the financial year 2013-14 to be 5.0 percent," the finance ministry said in a statement.

--IANS (Posted on 02-12-2013)

business-india-news headlines

Reliance rubber unit sets up customer support in Vadodara

India's GDP quadrupled in 10 years under UPA: Anand Sharma

Pay outstanding salaries to pilots: High Court to Kingfisher

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top