The Indian economy grew at a brisk rate during the latter half of the previous decade. But growth started faltering a couple of years ago on account of a slew of domestic as well as global factors. In fact, in the fiscal year 2012-13 (FY13) the country is estimated to have grown at the lowest pace in a decade. Will growth decelerate further? Or is the worst behind the Indian economy?
The Prime Minister’s Economic Advisory Council (PMEAC) released its latest projections for the current financial year FY14 yesterday. During FY14, the economy is projected to grow by 6.4%. PMEAC Chairman C Rangarajan opined that the worst is over for the economy and that growth would accelerate going forward.
Data source: The Hindu
*Revised estimates; ^Advance estimates; #Projections