Economy to grow at 5.3 % in 2013-14

The Economic Advisory Council to the Prime Minister released the document Economic Outlook 2013-14 in New Delhi on 13th September. The economic growth forecast of India for the current fiscal 2013-14 was lowered to 5.3 per cent from 6.4 per cent projected earlier. The PMEAC had in April 2013 projected 6.4 per cent growth for Indian economy for current financial year. 

RBI too had earlier lowered its growth projection for this fiscal to 5.5 per cent from 5.7 per cent. The PMEAC expects the agriculture sector to grow by 4.8 per cent in the current fiscal up from 1.9 per cent, while the industrial growth has been pegged at 2.7 per cent as against 2.1 per cent in 2012-13.The growth of services sector, however, is projected to decelerate to 6.6 percent in current fiscal from 7.1 percent a year ago. The Economic Outlook condition listed out host of measures including further liberalisation of FDI norms to improve economy.