Union Budget 2015-16 India Pre-Update : Economic Survey ahead of Budget

Economic Survey_7

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.

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