Economy
Economic Survey sees 7-7.75 percent growth in next fiscal
New Delhi : The Economic Survey for 2015-16 tabled in parliament on Friday has pegged India's growth for the next fiscal in the 7-7.75 percent range.
 
Reviewing the major developments during the fiscal, the survey said that according to the Central Statistics Office, the growth rate of GDP at constant market prices is projected to rise to 7.6 percent in 2015-16 from 7.2 percent in 2014-15.
 
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 percent."
 
"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 percent 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 percent 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 percent of the GDP.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

shadi katyal

1 year ago

One fils to find that what is being counted in Indian GDP gtrowth as thois is not rest of world consiers indicators of growth. The indicators like exports,manfucturing etc are sll down. Kindly tell us what are the growth indicators???

Economic Survey calls for fertiliser subsidy reform
New Delhi : Calling for reform in the fertiliser subsidy system, the government's Economic Survey 2015-16 said on Friday that there is a major need to rationalise fertiliser subsidies and plug leakages in the system.
 
"There is a need to rationalise fertilizer subsidy in an input, crop and region neutral format and minimise diversions," said the Economic Survey 2015-16 authored by Chief Economic Advisor Arvind Subramanian, tabled in parliament.
 
"The disbursal of subsidy on fertilizers should shift to DBT (Direct Benefit Transfer scheme), the benefits of which will be maximised, if all controls (including imports) on the fertilizer industry/outputs are lifted simultaneously," it said.
 
"In the case of Phosphatic and Potassic fertilizer subsidy, with the Nutrient Based Subsidy (NBS) scheme, a fixed amount of subsidy will be given on each grade based on their content," it added.
 
Last month, the agriculture sector sought extension of the DBT scheme for paying out fertiliser subsidies, in line with that in cooking gas and the December decision to start the scheme for kerosene.
 
"We are ready for direct benefit transfer of subsidy to farmers and are prepared to work with the government on this. We will capture the last mile data on customers and farmers and hope that next year onwards direct transfers can start," Fertiliser Association of India director general Satish Chander told reporters here after a pre-Budget meeting with Finance Minister Arun Jaitley.
 
The Economic Survey sharply lowered the economic growth forecast for the current fiscal to the 7-7.75 percent range, from the previously projected 8.1-8.5 percent, mainly because of lower agricultural output due to deficit rainfall.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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