PM's econ council says GDP hit bottom, will now grow 6.4% - Firstpost

Would you like to make Firstpost your default homepage?   Yes | No India's economy is expected to grow 6.4 percent in 2013-14, the Prime Minister's Economic Advisory Council said in its economic review for 2012-13. The panel said the economy probably grew 5 percent in the last fiscal year, its slowest pace in a decade, but said it is likely to revise this forecast upward. "We have reached the bottom. The economy will continue to grow at a faster rate. We expect a growth of 6.4 percent in 2013-14," PMEAC Chairman C Rangarajan said releasing the report. The PMEAC sees total imports in FY14 rising to $542.7 billion of which oil is likely to be $125 billion. Reuters He, however, said current account deficit remains a concern and estimated it to be at 4.7 percent or $100 billion in the current financial year. The PMEAC sees exports in FY14 rising 9 percent to $329.7 billion. The PMEAC sees total imports in FY14 rising to $542.7 billion of which oil is likely to be $125 billion and gold around $45 billion. In the year earlier, gold imports were $56 billion and the year before $62 billion. Rangarajan also stressed on the importance of controlling the fuel subsidy. "Administrative prices need to be corrected. WPI will remain around 6 percent in FY14," he said. In FY13, the fiscal deficit was 5.2 percent of GDP. The economic review of 2012-13 also said food inflation needs to stabilised at lower level urgently. The PMEAC sees portfolio capital inflows in 2013-14 at $18 billion and said the government needs to take steps in the short-term to boost capital flows. It saw net FDI inflow in FY13 at $18 billion and that for the current financial year at $24 billion. Read the full report here. With inputs from Reuters Firstpost encourages open discussion and debate, but please adhere to the rules below, before posting. Comments that are found to be in violation of any one or more of the guidelines will be automatically deleted: Personal attacks/name calling will not be tolerated. This applies to comments directed at the author, other commenters and other politicians/public figures Please do not post comments that target a specific community, caste, nationality or religion. While you do not have to use your real name, any commenters using any Firstpost writer's name will be deleted, and the commenter banned from participating in any future discussions. Comments will be moderated for abusive and offensive language. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFV8lKgMZV7AaBc_OwPwsIYlcDafA&url=http://www.firstpost.com/economy/pms-econ-council-says-gdp-hit-bottom-will-now-grow-6-4-720679.html

Put the internet to work for you. via Personal Recipe 2910127