The Chairman of the Prime Minister's Economic Advisory Council, Dr C Rangarajan today exuded confidence that the Indian economy will grow at 5.3 per cent in 2013-14. Speaking at a function in New Delhi, Dr. Rangarajan said, despite the economy passing through phase of low growth, the growth in the current fiscal will be better than last year's five per cent. He said, pick up in the economy will be seen in the second half of the year. Dr Rangarajan said, Current Account Deficit, CAD, is likely to come down below 3 per cent of GDP in the current fiscal on the back of measures taken by government. The measures include hike in gold import duty to 10 per cent and restrictions on import of gold bars. Our correspondent reports,CAD, which is the difference between inflow and outflow of foreign exchange, touched a record high of 88.2 billion dollars or 4.8 per cent of GDP in 2012-13.