Economy To Grow Lower Than 6.5% In FY14: PM

NEW DELHI (TIP): India’s economy may grow slower than previously expected 6.5 percent for the year to March 2014, Prime Minister Manmohan Singh said. Manmohan Singh, speaking at an ASSOCHAM event, said his government would unveil more reforms for foreign direct investment, but he gave no details.

PM Manmohan Singh said that the UPA government is committed to bring current account deficit under control. “Most immediate cause of worry is volatility in foreign exchange market,” the PM said. Manmohan Singh said that RBI has done its bid to stabilise forex market but added that RBI steps to curb rupee fall do not mean long term interest rate hikes.

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