Chidambaram expressed confidence that the economic growth rate for the current financial year will be revised to not less than 5 per cent.
Finance Minister P Chidambaram expressed confidence that the economic growth rate for the current financial year will be revised to not less than 5 per cent.
"I am confident that the final estimate will be not less than 5 per cent for the whole year," Chidambaram said, while commenting on the Central Statistics Office's projection of 4.9 per cent growth.
Growth in 2012-13 slipped to a decade-low of 4.5 per cent. The economy expanded 4.6 per cent in the first half (April-September) of this financial year.
"I am confident that growth in 2014-15 will show a significant improvement over 2013-14," Chidambaram said in a statement.
The minister said he was particularly happy that agriculture growth has been estimated at 4.6 per cent for 2013-14.
"It is a vindication of the policies pursued by the UPA government, including higher MSP (minimum support price), subsidy to fertilisers, enhanced credit to farmers and provision of quality seeds," Chidambaram said.
"Moderating performance of the manufacturing sector is taking a toll on the overall growth and the services sector as well. There has been a considerable loss in optimism and we urgently need to prop up growth in the manufacturing sector," Ficci President Sidharth Birla said.
For 2013-14, the CSO has projected a growth rate of 4.6 per cent in agriculture and allied sectors, up from 1.4 per cent a year earlier.
"Below 5 per cent growth is due to slowdown in the manufacturing sector. Implementation of GST will boost India's GDP by 2 per centage points. Going forward we expect uptick in growth numbers at 5.5 per cent in the next fiscal," PHD Chamber of Commerce & Industry President Sharad Jaipuria said.