Lower economic growth forecast disappointing: Rangarajan

But says the final figure could still be higher than currently forecast

The downward revision in the estimate for India's economic growth for this fiscal year is disappointing, but the final figure could still be higher than currently forecast, a top government adviser told Reuters on Thursday.

India's gross domestic product (GDP) is estimated to grow at an annual 5% in the 2012-13 fiscal year, signalling that the worst economic slump in a decade could be far deeper than earlier anticipated.

"It is disappointing. My own estimate is when the full year data becomes available, it can be revised upward," said C Rangarajan, the chairman of the Prime Minister's Economic Advisory Council.

Despite the revision, the economy could still grow at 5.5% or more for the current fiscal year ending March, he said.

He also said the government was expected to meet its revised fiscal deficit target of 5.3% for the fiscal year.