Indian economy to grow at 5.5 percent this fiscal: PM

Prime Minister Manmohan Singh Friday said the Indian economy is expected to grow at around 5.5 percent in the current financial year.

"I sincerely hope that the growth rate will be 5.5 percent in the current financial year," the prime minister said in the Rajya Sabha, the upper house of parliament.

India's gross domestic product (GDP) growth slumped to a decade low of 5 percent in the financial year ended March 31, 2013. Many analysts feel the economy is unlikely to recover this fiscal.