Following is the Statement of the Union Finance Minister Shri P. Chidambaram on GDP and agriculture Growth related figures released by CSO yesterday:

“The CSO`s advance estimate of GDP for 2013-14 has come in at 4.9 per cent. This means that growth in the second half of 2013-14 has been better than growth in the first half of 2013-14. We had anticipated that growth in the second half will improve and I am happy that our assessment has come true.

This estimate of 4.9 per cent for the whole year will in all likelihood be revised upward in the first, second and final revisions in the next two years. I am confident that the final estimate will be not less than 5 per cent for the whole year.

I am particularly happy that agriculture growth is estimated at 4.6 per cent. It is a vindication of the policies pursued by the UPA government including higher MSP, subsidy to fertilisers, enhanced credit to farmers, provision of quality seeds, etc.

Going forward I am confident that growth in 2014-15 will show a significant improvement over 2013-14.”

GDP growth assessment signals likely upward revision and affirms agricultural policy impact on growth estimates. The CSO advance estimate for 2013-14 places GDP growth at 4.9 per cent, with second-half performance stronger than the first, and anticipates upward revision in subsequent estimates, with confidence that the final annual figure will not be less than five per cent; agricultural growth is estimated at 4.6 per cent and attributed to policies such as higher minimum support prices, fertiliser subsidies, expanded agricultural credit and provision of quality seeds, with a forecast of significant improvement in growth for 2014-15.