India’s Economic Affairs Secretary Arvind Mayaram has said that the country still has the potential for achieving a growth rate of more than five per cent this fiscal year, a day after the International Monetary Fund drastically scaled down India’s growth rate to a mere 3.8 per cent.
“India has generally surprised critics. I think at the end of the year, you will see that we will surprise them again,” Mayaram said.
“The fact is that one needs to look at hard numbers. We believe and we still believe that we have in the current fiscal we have the potential of going beyond five per cent,” he said.
Mayaram is currently in Washington to attend the annual plenary meeting of the IMF and the World Bank.
The Indian delegation to the meeting is being led by Union Finance Minister P. Chidambaram, who arrived here last evening.
In its latest World Economic Outlook report, released early this week, the IMF had said that India will grow only 3.8 per cent in the 2013-14 financial year against 5.6 per cent projected in July, a cut of 1.8 percentage points; which is said to be the steepest.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.