New Delhi, May 31 (ANI): Finance Minister Pranab Mukherjee on Tuesday expressed confident that the revised estimate at 8.5 percent is similar to the advance estimate and would remain stable in the next few months.
"Advance estimate was 8.6 percent that was on February 7. And now the revised estimate is more or less the same. It is 8.5 percent. The encouraging part is of course contribution of agriculture. But manufacturing, mining and quarrying have also, more or less, are on the projected line. Therefore I do hope it would be stable, it would be confirmed when the final figure would be available," said Mukherjee.
He further said the fiscal deficit target would be maintained this year but growth might be little less if the inflationary pressure continues.
"Current year I have already indicated. The fiscal deficit trend of last year is quite encouraging. It is little less than what I projected in the revised estimate and this year also I do hope I will be able to keep the fiscal deficit target but growth, that might be little less if the inflationary pressure continues," he said.
Meanwhile, Economic Affairs Secretary R. Gopalan has said the oil prices would remain high due to global causes and said the Reserve Bank of India has indicated inflation to appear at elevated levels this year.
"Oil prices remain as they are. There is a possibility that oil prices; people say they are going to remain at 100, 110 throughout the year. If that is the case, then obviously the growth rate have to be revised downwards. Inflation, RBI has indicated, for next about 5-6 months, it will be at some elevated levels because certain reasons they have indicated. I think they are very fair in their assessment," said Gopalan.
The average price for crude oil so far in May is estimated at 110 dollar a barrel, compared with 118 per dollar barrel in April. (ANI)