Indian economy is likely to grow at 6.4 per cent rate in 2013, outpacing the 6 per cent expansion in developing Asia-Pacific economies in the same period, a United Nations report today said.
"India is expected to recover from its relatively low 5 per cent growth in 2012 to 6.4 per cent in 2013...Economic growth in the developing countries of Asia and the Pacific is projected to inch up to 6 per cent in 2013," United Nations' Economic and Social Survey of Asia and the Pacific 2013 said.
Unveiling the report here, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said: "India's economic growth in 2013-14 will be better than 2012-13, but will be lower than the pre-crisis level. We need to organise ourselves to go back to pre-crisis level of growth rate."
According to International Monetary Fund (IMF), Indian economy is projected to grow by 5.7 per cent in 2013 calendar year. Economic growth in FY'13 is expected to be at decade low of 5 per cent due to global slowdown, according to estimates.
In the Budget, Finance Minister P Chidambaram had said the government was targeting a growth of 6.1-6.7 per cent for the current fiscal.
From a high over 9 per cent GDP growth for many years prior to the 2008 crisis, the economy grew 6.5 per cent last year and is projected by analysts to slow down further to a decadal low of 5.5 per cent or even lower this fiscal.
Meanwhile, the increase in economic growth of the developing Asia-Pacific nations to 6 per cent in 2013 from 5.6 per cent in 2012 is partly due to an expected improvement in global demand arising from steady, although sub-par, growth in the United States and a limited rebound in the performance of major emerging economies, the UN report added.
