The Finance Ministry on Thursday 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 said at an Assocham event.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 5.4-5.9 per cent. The GDP growth had slumped to 4.7 per cent last fiscal.