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

BACK IN JAIL

REUTERS SHOWCASE

Modi Hurdle

Modi Hurdle

Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle.  Full Article 

USL Board

USL Board

Diageo bars United Breweries from appointing independent director at United Spirits.  Full Article 

Amazon in India

Amazon in India

Amazon to sell packaged food and beverages in India - Economic Times.  Full Article 

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Reuters India Mobile

Reuters India Mobile

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