India is likely to achieve an economic growth of between 5-5.5 per cent in this fiscal year, the finance minister said on Friday, despite wide expectations of growth slipping below 5 per cent by private economists.
India’s growth slowed to 5 per cent in the 2012/13 fiscal year that ended in March, its worst performance since it grew by 3.9 per cent in 2002/03.
“I am confident that the greenshoots that are visible here and there will multiply and that the economy will revive, there will be an upturn in the second half of this year,” P. Chidambaram said while speaking at a bankers’ conference.
“It’s quite possible that the estimates made by the Reserve Bank (of India) or the Prime Minister’s economic advisory council or the government about growth being between 5 and 5.5 per cent will be realised,” he said.
Chidamabram also pledged to meet the country’s fiscal and current account deficit targets, as fears of US Federal Reserve reducing its stimulus fuel concern India’s vulnerability to foreign sell-offs.