RBI's professional forecasters' survey sees growth at 7.8%

Professional forecasters' survey of the Reserve Bank of India's (RBI) said the country's gross value added (GVA) economic growth would be at 7.4 per cent in 2015-16 and at 7.8 per cent in 2016-17.

The survey is not RBI's own view but is organised by the apex banks and is considered important. The survey outcome was largely in line with RBI's own projection of 7.4 per cent in 2015-16 and 7.6 per cent in 2016-17. RBI projected these numbers in its sixth monetary policy on February 2.

In 2014-15, the forecasters expected 'agriculture & allied activities' and 'services' to grow at 1.8 per cent and 9.1 per cent. 'Industry' was pegged at growth of 6.9 per cent. In 2016-17, GVA growth was expected to be led by services growth of 9.3 per cent.