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India unveils Economic Survey

Xinhua, February 26, 2016 Adjust font size:

The Indian government Friday unveiled the Economic Survey for 2015-16 ahead of the budget. The survey reviews the developments in the economy over the past one year.

Tabling the survey report in the Parliament, Indian Finance Minister Arun Jaitley said that the current financial year saw a gross domestic product growth of 7.6 percent and project a GDP growth between 7 to 7.5 percent in the next fiscal.

"However, 8 percent growth is possible in a couple of years' time and there is long-term growth potential of 8 to 10 percent," the finance minister said.

Claiming that global demand will hit growth in near term, he said: "The financial year 2016-17 is expected to be challenging." He also stressed the need for major currency readjustment in Asia.

"India needs to focus on supplies for food security. Reasonable taxation needed on farm, realty income and there is a need to phase out tax exemptions," the finance minister said.

However, harping on some positive note, Jaitley said that despite volatility in global financial markets, the Indian equity market has been relatively resilient in the current fiscal as compared to the other major emerging market economies.

"India can become the leading investment destination owing to its robust macroeconomic fundamentals," he said. Endit