New Delhi, Sep 13 (ANI): India's economy is expected to grow 5.3 percent this fiscal year, sharply lower than an earlier estimate of 6.4 percent but higher than last year, the prime minister's economic advisory panel said on Friday. The revised forecast is roughly in line with projections of the RBI and many private economists, who expect Asia's third-largest economy to grow at around 5 percent, the same level as in 2012-2013. A pick-up in automobile production and exports in August indicated that the manufacturing sector would do better in the second half than the first, said C. Rangarajan, the chairman of the Prime Minister's Economic Advisory Council. The advisory council also said that containing the fiscal deficit within the budgeted target of 4.8 percent of gross domestic product could be a challenge.
