With the current account deficit dipping and overall economic growth numbers looking better than expected Finance Minister P. Chidambaram said that he sees a growth of 5 per cent in 2013-14, Hindu Business Line reported.
The report quoted him as saying, “We are going through a period of stress, but things will become better.” Chidambaram was talking to reporters on a day after the RBI reported a significant reduction in the current account and trade deficits and HSBC’s Purchasing Manager Index suggested a recovery in the manufacturing sector. “We are doing better than 2012-13 except the services sectors. If this sector shows brisk growth in the last two quarters, it will help in the recovery,” he added.
Statistical Ministry announced last week that the GDP growth for the three-month period ending September 30 was estimated higher at 4.8 per cent against 4.4 per cent in three-month period ending June 30, the report added.
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