The ministry's statement comes a day after the Central Statistics Office (CSO) estimated the growth to be a poor 5 per cent, the lowest in a decade, on account of a weak performance by manufacturing, agriculture and services sectors.
In the statement, the Finance Ministry said it is likely that the advance estimates of 5 per cent by the CSO will be revised and the final estimate will be closer to the government's projection of a growth rate of 5.5 per cent, or slightly more.
The Ministry of Finance said the advance estimate by the CSO is "disappointing".
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In the past years, the statement adds, advance estimates have been revised more than once as more data becomes available to the CSO.
In 2002-03, the GDP had grown at 4 per cent. Since then, the Indian economy has been expanding at over 6 per cent, the highest rate being 9.6 per cent in 2006-07.
The latest estimate of 5 per cent by CSO is the worst of all growth projections issued by the government and the Reserve Bank of India.
Last month, the RBI had pared its GDP growth estimate for the fiscal year ending in March to 5.5 per cent, the worst since 2002-03.
The 5 per cent estimate for the entire fiscal year means that the pace of economic expansion has slowed sharply in the second half of 2012-13, given that GDP growth in the April-September period stood at 5.4 per cent.
India's agriculture output is expected to grow 1.8 per cent, while the manufacturing sector is seen growing at an estimated 1.9 per cent in the current fiscal year that ends on March 31, 2012, the CSO said.
India's economy grew at 6.2 per cent in the last fiscal year, revised data from the government showed.
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