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2nd LD Writethru: India expects 8 pct growth in coming fiscal year

Xinhua, February 27, 2015 Adjust font size:

Indian government Friday presented a rosy picture of economic perspective in the coming fiscal year which starts in April, saying the country's GDP growth could surpass eight percent in the fiscal year.

In an economic survey tabled by Finance Minister Arun Jaitley to the Parliament, the government said the inflation is on the decline, while the target to cut public deficit could be met in the 2015-16 fiscal year, giving hope of expanding public spendings.

It said the growth will be mainly domestically driven. It also pointed out that rural potentials must be tapped to sustain growth, especially in financial sector.

Claiming the imminent coming of "big bang reform," the survey also set the agenda for reforms needed to further drive the expansion, prune wasteful expenditure and promote productive investment.

Authored by a team led by Chief Economic Advisor Arvind Subramanian, the annual report, which also serves as a review of state of the economic situation, said the growth should now rise further and double digit expansion is a possibility in coming years.

Inflation has fallen over six percentage points since 2013. Exports and inflow of foreign funds were returning to a path of strength and resilience along with the pick-up of industrial growth, said the survey.

On agriculture, it said food grain production for the fiscal year 2014-15 is estimated at 257.07 million tons and will exceed that of the previous fiscal year by 8.5 million tons. Endi