We had anticipated that growth in the second half will improve and I am happy that our assessment has come true

Statement of Shri P. Chidambaram, Union Finance Minister on CSO Figures

The CSO's advance estimate of GDP for 2013-14 has come in at 4.9 per cent. This means that growth in the second half of 2013-14 has been better than growth in the first half of 2013-14. We had anticipated that growth in the second half will improve and I am happy that our assessment has come true.

This estimate of 4.9 per cent for the whole year will in all likelihood be revised upward in the first, second and final revisions in the next two years. I am confident that the final estimate will be not less than 5 per cent for the whole year.

I am particularly happy that agriculture growth is estimated at 4.6 per cent. It is a vindication of the policies pursued by the UPA government including higher MSP, subsidy to fertilisers, enhanced credit to farmers, provision of quality seeds, etc.

Going forward I am confident that growth in 2014-15 will show a significant improvement over 2013-14.

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