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GDP in 2015-16 to be 8-8.5%; double-digit growth soon: Jaitley

The Economic Survey had yesterday said that growth will receive a boost from the cumulative impact of reforms and lower oil prices, among others

Press Trust of India  |  New Delhi 

Arun Jaitley
Finance Minister Arun Jaitley speaks in the Lok Sabha in New Delhi.

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 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.

First Published: Sat, February 28 2015. 11:42 IST
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