(Reuters) – India is likely to achieve an economic growth of between 5-5.5 percent in this fiscal year, the finance minister said on Friday, despite wide expectations of growth slipping below 5 percent by private economists.
India’s growth slowed to 5 percent in the 2012/13 fiscal year that ended in March, its worst performance since it grew by 3.9 percent in 2002/03.
“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,” P. Chidambaram said while speaking at a bankers’ conference.
“It’s quite possible that the estimates made by the Reserve Bank (of India) or the Prime Minister’s economic advisory council or the government about growth being between 5 and 5.5 percent will be realised,” he said.
Chidamabram also pledged to meet the country’s fiscal and current account deficit targets, as fears of U.S. Federal Reserve reducing its stimulus fuel concern India’s vulnerability to foreign sell-offs. (Reporting by Subhadip Sirkar, Writing by Manoj Kumar; editing by Malini Menon)