The Prime Minister's Economic Advisory Council (PMEAC) projected the economy to grow at 6.4 percent in the new financial year that began on April 1. The panel said the economy probably grew 5 percent in the fiscal year 2012/13, its slowest pace in a decade, but there is a scope of an upward revision.
Presenting the economic review for fiscal year 2013, C Rangarajan, chairman, PMEAC lauded the reform measures taken by the government and claimed it had started yielding desired results. The PMEAC chairman sees manufacturing sector improving its performance over FY13 and may even report numbers higher than what the Central Statistical Office (CSO) had estimated.
He also said FY14 current account deficit (CAD) is expected to narrow down to 4.5 percent (from 5.1 percent in FY13) when the pace of exports pick up. He clarified that exports will remain modest in first quarter but will see gradual momentum from second and third quarters.
Saying that there are tell-tale signs of WPI inflation coming down, specifically non-food inflation, Rangarajan pegged it at 6 percent for fiscal year 2014.
Below are the sector-wise performance prediction for FY14:
- Industry Growth seen at 4.9 percent
- Services growth seen at percent
- Normal monsoon can lead to 3.5 percent agriculture growth
- Manufacturing growth seen at 4 percent
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