Economy to grow 5.8% in 2014-15, says Mayaram

Tags: Economy
India's economy is on course to grow by around 5.8% 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% in the 2013-14 fiscal year, marking the second full year of growth below 5%. First quarter GDP figures are due out at the end of next week.

EDITORIAL OF THE DAY

  • Modi’s move to open up media, retail and banking to foreign investors is logical

    Reform, perform and transform’ was the motto with which prime minister Narendra Modi approached governance.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: Interesting times

Russia’s ultra nationalist supreme leader, the all powerful Vladimir Putin ...

Ananda Majumdar

More power to migrants

The entry of the Janata Dal (United) or JD(U) into ...

Rajgopal Nidamboor

That divine mosaic of art and science

Our old, inborn fancy to present complex explanations as a ...