The economy is likely to see substantial pick-up in the second half of current fiscal, even as the GDP growth at 7.7% in the first quarter came in as a dampener, Chief Economic Advisor Kaushik Basu said today.
Basu also said the economic growth in the second (July- September) quarter is unlikely to be on the higher side.
"You should not get your hopes too high for the immediate next quarter. But I do expect growth in third and fourth quarter of the year to do quite a substantial pick-up," Basu told reporters here.
The economy grew by 7.7% in the April-June quarter, mainly due to poor performance of the manufacturing sector. The growth was 8.8% in the same period last year.
During the quarter ending June 30, 2011, growth in the manufacturing sector dipped to 7.2% from 10.6% in the corresponding period of 2010-11.