Lower economic growth forecast disappointing: Rangarajan

NEW DELHI Thu Feb 7, 2013 12:01pm IST

Indian Prime Minister's economic advisory council chairman C. Rangarajan pauses during an interview with Reuters in New Delhi June 12, 2010. REUTERS/B Mathur/Files

Indian Prime Minister's economic advisory council chairman C. Rangarajan pauses during an interview with Reuters in New Delhi June 12, 2010.

Credit: Reuters/B Mathur/Files

Related Topics

NEW DELHI (Reuters) - The downwardly revised estimate for India's economic growth for this fiscal year is disappointing, but the final figure could still be higher than currently forecast, a top government adviser told Reuters on Thursday.

India's gross domestic product (GDP) is estimated to grow an annual 5.0 percent in the 2012/13 fiscal year, signalling that the worst economic slump in a decade could be far deeper than earlier anticipated.

"It is disappointing. My own estimate is when the full year data becomes available, it can be revised upward," said C. Rangarajan, the chairman of the Prime Minister's Economic Advisory Council.

Despite the downwardly revised forecast, the economy could still grow at 5.5 percent or more for the current fiscal year ending March, he said.

He also said the government was expected to meet its revised fiscal deficit target of 5.3 percent for the fiscal year.

(Reporting by Manoj Kumar; editing by Mattthias Williams)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage