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GDP growth to be much better in 2015-16: Jaitley

Minister of Commerce and Industry said India is among the few countries for which IMF has upgraded its growth outlook

Press Trust of India  |  New Delhi 

Arun Jaitley

India's economic growth is expected to pick up in the current fiscal and will be "much better" in 2015-16, Finance Minister said today.

"The last two years witnessed an economic slowdown. This year may be somewhat better, and next year will be much better," he said here.


Indian economy was growing at over 9% for three years before it was impacted by the global financial crisis of 2008. The growth rate fell to sub-5% in the last two consecutive fiscals -- 2012-13 and 2013-14.

In the first half of the current fiscal, it improved to 5.5%, up from 4.9% recorded in 2013-14 fiscal. The government has projected the growth to be 5.5% in 2014-15, up from 4.7% recorded last year.

Minister of Commerce and Industry said India is among the few countries for which has upgraded its growth outlook. in October has projected India's expansion at 5.6% in 2014-15.

The mid-year economic review of the government has projected that the economy has potential to grow at a much faster pace, she added.

First Published: Mon, December 29 2014. 13:16 IST
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