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

Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

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

REUTERS SHOWCASE

WTO Row

WTO Row

U.S. raises stalled WTO talks with India, no sign of breakthrough  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Tracking Monsoon

Tracking Monsoon

Monsoon rains turn below average in past week  Full Article 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

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