Indian economy grew faster...

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On impact of the new data on fiscal deficit, which is calculated as a percentage of the GDP, chief statistician TCA Anant said: “The size of economy has marginally declined to `113.45 lakh crore in 2013-14 under the new series from `113.55 lakh crore (old series).”

Former finance minister P Chidambaram said that latest data “should put an end, once and for all time, to the misconceived charge that the UPA government had mismanaged the economy.”

“With the GDP data for 2012-13 and 2013-14, it will be clear that the 10 years of the UPA government recorded the highest decadal growth since Independence,” he added. Minister of state for finance Jayant Sinha on Friday said the Indian economy has the potential to become a $4-5 trillion economy from its current level of about $2 trillion in the next 10-12 years.

“You might not find a better opportunity to create wealth. It’s a great time to invest in India...We are going to take India’s $2 trillion economy to $4-5 trillion economy in the next 10-12 years,” Sinha said at an event organised by the Indian Private and Venture Capital Association (IVCA) here.

India is set to become the world’s fastest-growing major economy by 2016 ahead of populous neighbour China that is battling an industrial deceleration, the International Monetary Fund (IMF) said in its recent latest forecast.

India is expected to grow at 6.3% this year and 6.5% in 2016 by when it is likely to cross China’s projected growth rate, the IMF said. Latest data showed that China grew 7.4% last year, its slowest in 24 years.