The Economic Survey for 2015-16 was tabled in parliament on Friday and has pegged India’s growth for the next fiscal in the 7-7.75% range.
Reviewing the major developments during
Authored by the finance ministry’s Chief Economic Advisor Arvind Subramanian, the survey said: “India’s long run potential GDP growth is substantial, about 8-10%.”
“Amidst a gloomy international economic landscape, India stands as a haven of stability and will be the fastest growing major economy,” it added.
On the inflation front, the survey projected the consumer price-indexed (CPI), or retail, inflation in the next fiscal would settle in the 4.5 to 5% range.
Declaring low inflation has taken hold and there is improved confidence over price stability, the Survey said it expects the Reserve Bank of India to meet the 5% inflation target set for the end of the next fiscal in March 2017.
India’s trade deficit in April to January period of the fiscal declined to $106.8 billion from $119.6 billion in the corresponding period of 2014-15.
The country’s current account deficit (CAD) during April-September period of the fiscal was at 1.4% of the GDP.
Economic Survey projects a growth of 7.75%, next fiscal
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