Growth rate may be more than 6% this fiscal, says Rangarajan

The country's economic growth rate is expected to be more than 6% in this fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan has said.

"The growth rate in the current fiscal will be more than 6%. We had originally projected the growth rate at 6.4%," Rangarajan told private news channel CNBC TV18 in an interview.

The growth rate in the last fiscal year is estimated at 5%, which is a decade low number. The economy grew at 4.8% in the fourth quarter of FY13.

The Reserve Bank has projected the economy to grow at 5.7% in the current fiscal, while the Finance Ministry has forecast 6.1-6.7% growth.

On current account deficit (CAD), Rangarajan said would be around 4.7-4.8% of the GDP.

"If the CAD last year was close to 5% of the GDP, this year it will be around 4.7-4.8%. Last year we had no problems in getting capital flows equivalent to $93 billion," he said.