MUMBAI - With the greenshoots of recovery visible, Finance Minister P Chidambaram Nov 15 exuded confidence that the economy will pick up in the second half and record a growth of 5-5.5 per cent in 2013-14.
He, however, sounded a note of caution for investigative authorities, saying all commercial decisions should not be seen as “motivated or malicious.” “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,” Chidambaram said in an address to bankers at Bancon 2013. “It’s quite possible that the estimates made by the Reserve Bank or the Prime Minister’s Economic Advisory Council or the government about growth being between 5 and 5.5 per cent will be realized,” he said. GDP growth fell to a decade-low of 5 per cent in 2012-13 as investments slowed and factory output decelerated. In the April-June quarter, the growth rate was 4.4%. Chidambaram said the government will be able to contain the fiscal deficit at 4.8 per cent of GDP and narrow the current account deficit (CAD) to less than USD 56 billion, though inflation continues to be worrisome. Chidambaram asked the bankers to deal firmly with willful defaulters and support those who are reeling under the impact of the economic slowdown. (PTI)
He, however, sounded a note of caution for investigative authorities, saying all commercial decisions should not be seen as “motivated or malicious.” “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,” Chidambaram said in an address to bankers at Bancon 2013. “It’s quite possible that the estimates made by the Reserve Bank or the Prime Minister’s Economic Advisory Council or the government about growth being between 5 and 5.5 per cent will be realized,” he said. GDP growth fell to a decade-low of 5 per cent in 2012-13 as investments slowed and factory output decelerated. In the April-June quarter, the growth rate was 4.4%. Chidambaram said the government will be able to contain the fiscal deficit at 4.8 per cent of GDP and narrow the current account deficit (CAD) to less than USD 56 billion, though inflation continues to be worrisome. Chidambaram asked the bankers to deal firmly with willful defaulters and support those who are reeling under the impact of the economic slowdown. (PTI)
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