The country’s economic growth rate is expected to be more than 6 per cent in this fiscal, Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan has said.

“The growth rate in the current fiscal will be more than 6 per cent. We had originally projected the growth rate at 6.4 per cent,” Rangarajan told private news channel CNBC TV18 in an interview.

The growth rate in the last fiscal year is estimated at 5 per cent, which is a decade low number. The economy grew at 4.8 per cent in the fourth quarter of FY13.

The Reserve Bank has projected the economy to grow at 5.7 per cent in the current fiscal, while the Finance Ministry has forecast 6.1-6.7 per cent growth.

On current account deficit (CAD), Rangarajan said would be around 4.7-4.8 per cent of the GDP.

“If the CAD last year was close to 5 per cent of the GDP, this year it will be around 4.7-4.8 per cent. Last year we had no problems in getting capital flows equivalent to $ 93 billion,” he said.

(This article was published on June 24, 2013)
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