New Delhi: The finance minister P Chidambaram said on Monday, indicating that Asia’s third-largest economy was on the recovery path. The economy is expected to grow by 5% in 2013-14 and the fiscal and current account deficits would be contained. The government’s optimism was based on the marginally better-than-expected growth data for the second quarter released last week.
Also, the current account data for the July-September quarter released on Monday showed a dramatic turnaround, thanks to the aqueeze on gold ports. We are going through a period of stress but there is a ground for optimism. We hope things will become better in the second half of the current fiscal,” Chidambaram told a news conference.
The second quarter GDP growth rate indicates that the economy may be recovering and is on a growth trajectory again…performance of Q2 is broadly on the expected line,” Chidambaram said. “With the recent improvements in some important sectors like manufacturing, better performance of exports and with measures taken by the government, the economy can be expected to show further improvement.
Bureau Report
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