Brushing aside global rating agency S&P's forecast, Prime Minister's Economic Advisory Council (PMEAC) today said growth is expected to pick up in the second half of this fiscal and reach 6.7 per cent for entire 2012-13. Speaking to media in Chennai, PMEAC Chairman C Rangarajan said S&P's assessment is wrong. He said he does not know the basis for the growth rate estimated by the rating agencies.

Replying to a question from reporters earlier on Standard and Poor's lowering GDP forecast to 5.5 per cent, he said the growth rate was expected to pick up in the second half of this fiscal and reach 6.7 per cent for 2012-13.

There were enough indications to this effect, Mr Rangarajan said pointing out that monsoon had turned out to be better than forecast a few months ago.

S&P's today lowered its 2012 GDP growth forecast for India to 5.5 per cent, citing the weak monsoon and investor sentiments.