GDP expected to grow 7-7.5 percent, mid-year analysis

India's economy is expected to register a GDP growth in the range of seven and 7.5 percent in 2015-16, the mid-year economic analysis has said noting further that the reforms process was gathering momentum.

The mid-year analysis for 2015-16, released on Friday, said the Indian economy continued to exhibit resilience to register a growth of 7.2 percent in the first half of 2015-16.

It said that economic growth, measured in terms of growth in GDP at constant market prices (real GDP) improved from seven percent in the first quarter of 2015-16 to 7.4 percent in the second quarter of the fiscal.

The analysis said that in addition to robust growth, the year so far has witnessed macro-economic stability aided by favourable factors such as comforting inflation indicators, benign fiscal situation and improving external current account balance.

"All these factors have resulted in India emerging as the fastest growing economy among the large economies," the analysis said.

It said most agencies have predicted that India will continue remain the fastest growing economy in the medium term.

"With the reforms process gathering momentum, along with low inflation which should help in keeping a benign interest rate regime, one can expect the full year growth of real GDP to be in the range of 7 and 7.5 percent," the analysis said.