Decline in Indian economy's growth rate has bottomed out and there is a probability that GDP estimate for 2013-14 may be revised upwards, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said on Friday.
"India's economic growth rate in the current fiscal has been estimated at 4.9 per cent. This is an encouraging news. (It implies) the growth in second quarter of current fiscal has been more than 5 per cent. This indicates that slowdown has been bottomed out,"Mr Rangarajan told PTI.
"There is probability that gross domestic product (GDP) growth figure for 2013-14 will be revised upwards, as it happened in 2011-12," he said.
According to advanced estimates released by the Central Statistics Office (CSO) on Friday, GDP growth for 2013-14 is estimated at 4.9 per cent as compared to the growth rate of 4.5 per cent in 2012-13. (Read more)
The latest estimate of 4.9 per cent for 2013-14 implies that the pace of economic expansion improved in the second half, given that GDP grew 4.6 per cent in the April-September period.
On January 31, it had revised GDP growth for 2011-12 upwards to 6.7 per cent from 6.2 per cent. The CSO had however lowered growth for 2012-13 to 4.5 per cent in its revised estimates from an earlier provisional forecast of 5 per cent.
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