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"I certainly believe ... The economy has stabilised and that is reflected in rupee and stock markets. And going forward, I think, we will see growth numbers also improving," Economic Affairs Secretary Arvind Mayaram told reporters here.
On the back of strong foreign investor flows, the stock market barometer BSE Sensex today jumped more than 1% to log new lifetime high, while the rupee appreciated 24 paise to trade at 60.65 against the US dollar.
The 30-share Sensex was last trading nearly 300 points higher, or 1.39%, at 22,055. It surpassed its previous intra-day record high of 22,040.72 logged on March 18.
"I think we are surely in a position where we can say that, India is among the best among the emerging markets, and this will continue to be so in future," Mayaram said.
As per the CSO estimates, the economy would expand 4.9% in the current fiscal ending March, up from 4.5% recorded in 2012-13.
Growth in the first nine months (April-December) was 4.6%. The economy must expand by 5.7% in January-March quarter to achieve the estimated GDP expansion of 4.9% in 2013-14.
Inflation is showing signs of cooling. Wholesale price-based inflation fell to nine-month low of 4.68%, while retail inflation slowed to a 25-month low of 8.1% in February.
