Describing IMF and World Bank’s recent downward revision of India GDP growth forecast as "unduly pessimistic", the Prime Minister’s key policy advisor C. Rangarajan today expressed optimism over economy recording 5-5.5 per cent growth this fiscal.
This is consistent with the Prime Minister’s Economic Advisory Council (PMEAC) recent move to peg the economic growth forecast for current fiscal at 5.3 per cent.
"I know that several international agencies have forecast numbers that are below this number (5.3 per cent). However, I continue to maintain that it will be 5.3 per cent," Rangarajan said after inaugurating a two-day international conference on financial inclusion and payment systems here today.
The International Monetary Fund had in its latest world economic outlook estimated India’s economic growth for current fiscal at 4.25 per cent (at factor cost) and 3.8 per cent (as per market prices).
The World Bank had a few weeks later revised downward the GDP growth estimate to 4.7 per cent from 6.1 per cent projected earlier in April.