PMEAC lowers growth projection for 2013-14 to 5.3%

Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 % from 6.4 % projected earlier and listed out host of measures including further liberalisation of FDI norms to improve economic condition.

"Economy will grow at 5.3 % in 2013-14," Prime Minister's Economic Advisory Council (PMEAC) Chairman Rangarajan said while releasing the Economic Outlook for 2013-14.

The PMEAC had in April projected 6.4 % growth for Indian economy for current financial year. The GDP grew by 5% in 2012-13.

Referring to the external sector, Rangarajan expressed hope that the Current Account Deficit (CAD) in 2013-14 will come down to USD 70 billion or 3.8 % of GDP, from USD 88.2 billion or 4.8% a year ago. 

Note: i. RBI too had earlier lowered its growth projection for this fiscal to 5.5 % from 5.7 %.
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