Growth forecast to remain between 5.4% - 5.9% in economic survey: Sidharth Birla

The President of the Federation of Indian Chambers of Commerce and Industry (FICCI), Sidharth Birla today said the growth forecast for the next fiscal shall remain between 5.4 per cent - 5.9 per cent in the economic survey.

Sidharth Birla told ANI, "They have given range of growth projection in the economic survey i.e. from 5.4 per cent to 5.9 per cent. Originally we had the benchmark of 6% for next year. However, the estimate given is quite safe keeping in mind the uncertainties that we are facing."

"Other qualitative things in the economic survey include fuel pricing, subsidies, fiscal consolidation and fiscal responsibilities. All are of equal importance," he added.

He also said, "The budget will give us an insight of next 4 to 5 years and possibly more policies will be seen. To get meaningful job creation, 8% growth rate is necessary which will take place in next two to three years."

The Economic Survey 2014-15, presented by Finance Minister Arun Jaitley in the Lok Sabha predicts that moderation in inflation would ease the monetary policy stance and revive the confidence of investors, and with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond.

The survey also points out at the downside risks to the economy arising from a poor monsoon, the external environment and the poor investment climate. After recovering in 2009-10 and 2010-11 from the crisis and growth slowdown of 2008-09, GDP growth slowed to below 5 per cent for two consecutive years, i.e. 2012-13 and 2013-14.