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Indian economy to grow at 6.4% rate in 2013: United Nations

Apr 22 2013, 13:22   |   By PTI

Indian economy is likely togrow at 6.4 per cent rate in 2013, outpacing the 6 per centexpansion in developing Asia-Pacific economies in the sameperiod, a United Nations report today said.

"India is expected to recover from its relatively low5 per cent growth in 2012 to 6.4 per cent in 2013...Economicgrowth in the developing countries of Asia and the Pacific isprojected to inch up to 6 per cent in 2013," United Nations' Economic and Social Survey of Asia and the Pacific 2013 said.

Unveiling the report here, Prime Minister's EconomicAdvisory Council (PMEAC) Chairman C Rangarajan said: "India'seconomic growth in 2013-14 will be better than 2012-13, but will be lower than the pre-crisis level. We need to organise ourselves to go back to pre-crisis level of growth rate."

According to International Monetary Fund (IMF), Indianeconomy is projected to grow by 5.7 per cent in 2013 calendaryear. Economic growth in FY'13 is expected to be at decade low of 5 per cent due to global slowdown, according to estimates. In the Budget, Finance Minister P Chidambaram had said the government was targeting a growth of 6.1-6.7 per cent forthe current fiscal.

From a high over 9 per cent GDP growth for many yearsprior to the 2008 crisis, the economy grew 6.5 per cent in2011-12. Meanwhile, the increase in economic growth of the developing Asia-Pacific nations to 6 per cent in 2013 from 5.6 per cent in 2012 is partly due to an expected improvement in global demand arising from steady, although sub-par, growth inthe United States and a limited rebound in the performance of major emerging economies, the UN report added.


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