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Finance Minister Arun Jaitley today said growth in the next financial year will rise to 8-8.5% and clock double-digit level in the subsequent years.
"Growth in 2015-16 is expected to be between 8-8.5%. Aiming for a double digit rate seems feasible very soon," he said while presenting the Budget for 2015-16 in the Lok Sabha.
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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% and for 2014-15 at 7.4%.
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.