RBI said on Friaday that the growth rate for the economy would grow by 5 to 5.5 per cent in the current fiscal, pinning its hopes on good farm output and improved exports.Mr.Rajan has his hopes lying on expectations of a good kharif crop, improvement in exports and core sector performance data.
In 2012-13 India's growth rate declined to a decade low of 4.4 per cent in the first quarter (April-June) of the current financial year.While RBI is expecting the growth rate to be 5 to 5.5..the Prime Minister's Economic Advisory Council (PMEAC) scaled down its growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent earlier.
The ADB on October 2 lowered its growth projection for India in the current fiscal to 4.7 per cent from an earlier estimate of 6 per cent. It said the country's economy has been under pressure with the recent depreciation in the rupee and capital outflows adding to structural constraints.
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