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  3. Indian economy likely to grow by more than 6 percent in FY14: Rangarajan

Indian economy likely to grow by more than 6 percent in FY14: Rangarajan

25 Jun 2013 Evaluate

As per Prime Minister's Economic Advisory Council (PMEAC) Chairman, C Rangarajan, India’s economy is likely to grow by more than 6 percent in the current fiscal. On the other hand, the Reserve Bank has projected the economy to grow at 5.7 percent, while the Finance Ministry has forecast 6.1-6.7 percent growth in the current fiscal. 

Referring to the current account deficit (CAD), Rangarajan said that country’s CAD would be around 4.7-4.8 percent of the GDP in FY14. Further, Rangarajan expressed the need to enhance the production of dry fuel to lower reliance on imports as higher coal imports have been impacting the CAD. He said that in the recent period the coal import into the country has increased almost by 40 percent and almost touched $18 billion, which is twice the value of the import a few years ago. The imported coal may remain more costly than the domestic coal, which further increases the need for enhancing the availability of domestic coal.

By adding further, he said that increasing the domestic production of coal and making the coal available for the power sector must be the first priority. In the third quarter of FY13, CAD widened to a record high of 6.7 percent of GDP. India is running a high CAD of more than five percent of GDP and further major fall in rupee value against dollar and high gold import are also putting pressure on the CAD. The government has also taken steps to rein in CAD by raising import duty of gold to 8%. The major portion of the imports arises from import of oil which needs to be reduced by increasing exploration in the domestic region.

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