India's economic growth is expected to pick up in the current fiscal and will be "much better" in 2015-16, Finance Minister Arun Jaitley 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 GDP growth to be 5.5% in 2014-15, up from 4.7% recorded last year. Minister of Commerce and Industry Nirmala Sitharaman said India is among the few countries for which IMF has upgraded its growth outlook. IMF in October has projected India's GDP 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.