Economy to grow 5.8 pct in 2014/15, says Mayaram

Source : REUTERS
Last Updated: Thu, Aug 21, 2014 15:24 hrs
India's Economic Affairs Secretary Mayaram smiles during an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City

India's economy is on course to grow by around 5.8 percent in the fiscal year to March 2015, the finance ministry's top official said on Thursday, expressing confidence that "green shoots" of recovery were taking hold.

Finance Secretary Arvind Mayaram told an industry event that industrial production data suggested that corporate order books are building up.

Mayaram said he hoped that the Reserve Bank of India would not hold interest rates high for longer than necessary. Falling oil prices would wipe out the cost of diesel subsidies and the government will stick to its fiscal deficit target, he added.

India's economy grew by 4.7 percent in the 2013/14 fiscal year, marking the second full year of growth below 5 percent. First quarter GDP figures are due out at the end of next week.

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