Economy seen growing faster in FY13: Kaushik Basu

India's economy is expected to grow faster in the next fiscal year than the pace it is expected to expand in the current year, Kaushik Basu, the chief economic adviser to the finance ministry, said on Tuesday.

Basu said the economy is unlikely to see a substantial pick up in the next fiscal year.

Earlier, he said the economy is expected to grow slightly more than 7% in the current fiscal year.