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Budget 2015: GDP in 2015-16 to be 8-8.5%; double-digit growth soon, says Jaitley

New Delhi: Finance Minister Arun Jaitley today said growth in the next financial year will rise to 8-8.5 per cent and clock double-digit level in the subsequent years.“Growth in 2015-16 is expected to be between

PTI [ Updated: February 28, 2015 12:06 IST ]
budget 2015 gdp in 2015 16 to be 8 8.5 double digit growth
budget 2015 gdp in 2015 16 to be 8 8.5 double digit growth soon says jaitley

New Delhi: Finance Minister Arun Jaitley today said growth in the next financial year will rise to 8-8.5 per cent and clock double-digit level in the subsequent years.

“Growth in 2015-16 is expected to be between 8-8.5 per cent. Aiming for a double digit rate seems feasible very soon,” he said while presenting the Budget for 2015-16 in the Lok Sabha.

The Central Statistical Organisation (CSO) has recently revised the base year for calculation of GDP growth to 2011-12. As per this, the economic growth rate in 2013-14 is estimated at 6.9 per cent and for 2014-15 at 7.4 per cent.  The Economic Survey had yesterday said that growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation, and forecasts of a normal monsoon in 2015-16.  

The government headed by Prime Minister Narendra Modi, which assumed power in May last year, has initiated a slew of economic reforms, including de-regulation of diesel prices, raising FDI caps in several sectors, and direct transfer of LPG subsidy to beneficiaries.

 

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