GDP in 2015-16 to be 8-8.5%; double-digit growth soon, says FM Arun Jaitley

New Delhi(ANI): Finance Minister Arun Jaitley on Saturday said growth in the next financial year will rise to 8-8.5% and clock double-digit level in the subsequent years.

“Growth in 2015-16 is expected to be between 8-8.5%. Aiming for a double digit rate seems feasible very soon,” he said while presenting the Budget for 2015-16 in the Lok Sabha.

The Central Statistical Organisation (CSO) has recently revised the base year for calculation of GDP growth to 2011-12. As per this, the economic growth rate in 2013-14 is estimated at 6.9% and for 2014-15 at 7.4%. The Economic Survey had on Friday said that growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation, and forecasts of a normal monsoon in 2015-16.

The government headed by Prime Minister Narendra Modi, which assumed power in May last year, has initiated a slew of economic reforms, including de-regulation of diesel prices, raising FDI caps in several sectors, and direct transfer of LPG subsidy to beneficiaries.

Posted by on February 28, 2015. Filed under Economy, Nation. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.