Indian economy to grow at over 5% in 2013-14

Dismissing the IMF’s growth rate projection of 3.8 per cent for India this year, Finance Minister P Chidambaram says that he does not share their pessimism and the Indian economy will grow at over 5 per cent in 2013-14.

Addressing a Washington-audience yesterday, Chidambaram attributed this to the good rainfall in the current year resulting in expectations of robust growth in farm output and the numerous reform measures taken by his government over the past year.

In his address to the Carnegie Endowment for International Peace, an eminent US think-tank, Chidambaram said that he expects these measures to show their impact from the second half of the current fiscal year.

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