Finance Minister P Chidambaram today expressed confidence that the economic growth rate for the current financial year will be revised to not less than 5 per cent.
"I am confident that the final estimate will be not less than 5 per cent for the whole year," Chidambaram said, while commenting on the Central Statistics Office's projection of 4.9 per cent growth.
Growth in 2012-13 slipped to a decade-low of 4.5 per cent. The economy expanded 4.6 per cent in the first half (April-September) of this financial year.
"I am confident that growth in 2014-15 will show a significant improvement over 2013-14," Chidambaram said in a statement.
The minister said he was particularly happy that agriculture growth has been estimated at 4.6 per cent for 2013-14.
"It is a vindication of the policies pursued by the UPA government, including higher MSP (minimum support price), subsidy to fertilisers, enhanced credit to farmers and provision of quality seeds," Chidambaram said.