Green shoots of recovery visible, says finance secretary
August 21, 2014  17:22
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The finance ministry today said the growth rate in the current financial year will accelerate to 5.8 per cent, better than previous estimates, saying the green shoots of economic recovery are now visible. 

"I am very confident that we will achieve somewhere close to 5.8 per cent... If we see the trend growth, then we will see there are green shoots of recovery in the economy," finance secretary Arvind Mayaram, in picture, said at an Assocham event today. 

The Reserve Bank has projected the GDP growth for 2014-15 fiscal at 5.5 per cent and the Economic Survey had pegged the growth at between 5.4 and 5.9 per cent. The GDP growth had slumped to 4.7 per cent last fiscal. 

"The Budget for current fiscal has very strong growth impulses," Mayaram said, adding that industrial output and passenger vehicle sales is showing signs of revival. "There is clearly visible sign that infrastructure is picking up," he said, adding, corporate order book is also building up.
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