Planning Minister Rajeev Shukla said on Wednesday that India's economy was expected to grow at 5 per cent this financial year, terming International Monetary Fund's estimate of a 3.75 per cent growth in 2013 as "pessimistic".
"The lowering of economic growth forecast to 3.75 per cent this year by the IMF is a pessimistic projection. The economy will grow at over 5 per cent this fiscal," he told PTI.
Pinning hopes on better farm output and various initiatives taken by the government to speed up implementation of infrastructure projects, he said, "The economic growth would improve in the coming quarters."
The International Monetary Fund (IMF) has lowered its projection of India's growth rate to 3.75 per cent in 2013 from 5.7 per cent estimated earlier due to poor demand and weak manufacturing and services sector performance. (Read full story)
Earlier in the day, Planning Commission Deputy Chairman Montek Singh Ahluwalia refused to comment on the IMF forecast.
"I expect to see recovery in the coming quarters. Exactly how much it will produce is difficult to predict right now. But we are definitely on a turnaround path," Mr Ahluwalia said.
(Read: 'Economy to see turnaround in quarters ahead')
He further said the government has taken steps to push the infrastructure sector and there are signs of improvement in the core sector production performance of steel, power, coal and cement during July and August.
Reeling under the impact of slowdown, Indian economy grew by 5 per cent in 2012-13, the first year of the 12th Plan. The economic growth is expected to be flat this year.
Economic growth in the quarter ended June, 2013 slipped to 4.4 per cent from 4.8 per cent the previous quarter.
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