Prime Minister Narendra Modi’s government forecast GDP growth of over 8 pct y/y in the 2015/16 fiscal year, a key economic report said on Friday.
The survey prepared by the finance ministry’s chief economic adviser Arvind Subramanian on the state of Asia’s third-largest economy was released ahead of Saturday’s federal budget announcement for 2015/16 fiscal year that begins on April 1.
Following are the highlights of the survey:
* 2015/16 GDP growth seen at over 8 pct y/y
* Double digit economic growth trajectory now a possibility
* Govt remains committed to fiscal consolidation
* Inflation shows declining trend in 2014/15
* Overhauling of subsidy regime would pave the way for expenditure rationalisation.