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FinMin hopeful of 5.4-5.9% growth this year

FinMin hopeful of 5 4 5 9 growth this year The Finance Ministry expects the economy to record a growth rate of 5.4-5.9 percent this year as it said 5.3 percent second-quarter GDP expansion is on expected lines.

“The growth in the second quarter of the current financial year 2014-15 has been broadly on the expected lines,” it said in a statement, after the release of economic data for this period.

Economy grew at a rate of 5.7 percent in April-June period.

Referring to the Economic Survey projection that the growth of GDP would be in the range of 5.4-5.9 percent, the Ministry said: “In the first half of the year the growth has been 5.5 percent, which is broadly in line with the projections as well as the expectations.”

The GDP expansion in the second quarter was pulled down, mainly by poor performance by agriculture and manufacturing sectors, which grew by 3.2 percent and 0.1 percent respectively.

The Ministry said lower growth in agriculture was expected in in view of lower than expected monsoon this year.