India's economic growth is likely to accelerate to 6.4 percent in 2013-14 from 5 percent in the prior year, Chakravarthy Rangarajan, chairman of Economic Advisory Council to the Prime Minister said Tuesday.
Releasing a review of the economy in 2012-13, Rangarajan said industrial growth is pegged at 3.1 percent. It is projected to grow at 4.9 percent in 2013-14 and manufacturing to grow 4 percent. The service sector is forecast to expand 7.7 percent.
In expectation of normal or mostly normal monsoon, the farm sector growth is expected to improve and growth is seen at 3.5 percent in 2013-14.
The panel forecasts the current account deficit to narrow to 4.7 percent of GDP in 2013-14 from an estimated 5.1 percent in 2012-13.
In 2013-14, the headline wholesale price inflation is expected to be around 6 percent, with primary food inflation around 8 percent, fuel at about 11 percent and manufactured goods at around 4 percent.
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