Mumbai: India's economic growth has bottomed out and is likely to accelerate in the coming financial year, Reserve Bank of India Governor Subir Gokarn said at an investor conference today.
"The baseline scenario suggests that the growth process, the growth cycle has (been) bottoming out...while we have not come out with a formal number yet, we will do that in April, we have indicated that we could see some acceleration in the growth rate in 12-13 (2012-13)," Gokarn said.
He said the RBI's interest rate cycle had peaked which was consistent with the economic growth bottoming out.
While commenting on inflation, Gokarn said despite elevated oil prices, and the rise in overall commodity prices, the non-food manufactured products inflation has showed signs of easing.
According to the data released today, manufactured products inflation eased to 6.49% in January from 7.41% in the previous month.
Headline inflation reading for January slumped to a three-year low of 6.55% in January from 7.47% in December.