Indian economy to grow at 6.4 percent in 2013-14

India's economic growth will accelerate to 6.4 percent in the current financial year as compared to an estimated 5 percent expansion registered in the last fiscal, economic advisory panel to Prime Minister Manmohan Singh said Tuesday.

“The economy has bottomed out and we will achieve higher growth of 6.4 percent in the current financial year,” Prime Minister's Economic Advisory Council chairman C. Rangarajan said at a media conference here.

Rangarajan said agriculture sector growth is likely to increase to 3.5 percent 2013-14 as compared to the estimated 1.8 percent growth in the fiscal ended March 31, 2013.
Growth of manufacturing sector is likely to increase to 4 percent in the current financial year as compared to 3.1 percent in the previous year.

Services sector is estimated to expand by 7.7 percent in 2013-14 as compared to 6.6 percent growth projected for the previous fiscal.