Riding on back of the rise in industrial growth and improved investor confidence, the Finance Ministry expressed confidence that the economic growth would cross 6 per cent in 2013-14. Economic Affairs Secretary Arvind Mayaram said that the industrial production registered expansion in the third straight month and inflation slowed down too. Thus he was confident that the economic growth would be 6 per cent and more in the current fiscal.
India's industrial output growth measured by index of industrial production (IIP) grew by 2.5% at 192.3 for the month of March 2013, higher than previous month’s growth figure of 0.5% which was higher than street's expectation of just over 2% figure. The cumulative growth for the period April-March 2012-13 over the corresponding period of the previous year stood at 1.0%.
Meanwhile, the economic growth during 2012-13 slipped to a decade low of 5 per cent owing to the economic slowdown. However, in the current fiscal, the growth is expected to pick up and as per the Economic Survey, it is likely to be in the range of 6.1 to 6.7 per cent.
