India is likely to expand by six per cent next year: C Rangarajan

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India is likely to expand by six per cent next year: C Rangarajan
India's economy is likely to expand by six per cent next year as the decline in growth seems to have ended, Prime Minister's Economic Advisory Council Chairman C Rangarajan said as per the PTI report.

"In 2007-08, India's growth was nine per cent. But from that level, the growth came down. There are enough indicators that the decline in growth has ended. The growth will be more. Next year, the growth is expected to be at six per cent," he told reporters here.

He said India's balance of payments has been reducing in the current year. "This financial year, the current account deficit is expected to be USD 45 billion. Last year it was $88 billion. The value of Indian rupee against dollar is expected to remain same for some time."

Expressing confidence in the Indian growth story, Rangarajan said there are enough indicators that the decline in growth has ended.

"In 2007-08, India's growth was nine per cent. But from that level, the growth came down. There are enough indicators that the decline in growth has ended. The growth will be more. Next year, the growth is expected to be at six per cent," he said. He said the Indian economy is resilient and more competitive.

Dion Global Solutions Ltd.

Read more about: economic growth, gdp, rangarajan
Story first published: Thursday, February 20, 2014, 9:10 [IST]
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