Economy seen growing around 5.6% in 2014-15: Sources

NEW DELHI: The economy is likely to grow by around 5.5 per cent during the current fiscal ending March this year, a top Finance Ministry official said.

"All the global economies of the world are facing economic slowdown, if we grow over 5.5 per cent it would be quite satisfying," a top Finance Ministry official said.

"This year, with the hangover of the last two years, have to be in approximation of 5.5 per cent," the official said.

The Economic Survey for 2013-14 projected a growth in the range of 5.4 to 5.9 per cent in 2014-15.

Indian economy was growing at over 9 per cent for three years before it was impacted by the global financial crisis of 2008. The growth rate fell to sub-5 per cent in 2012-13 and 2013-14.

In the first half of the current fiscal, it improved to 5.5 per cent, up from 4.9 per cent recorded in 2013-14. The government has projected the GDP growth to be 5.5 per cent in 2014-15, up from 4.7 per cent recorded last year.

RBI latest estimate projects GDP growth for current fiscal at 5.5 per cent.