Eco Survey: India expects to be fastest-growing major economy again in FY19

The survey cautioned that persistently high oil prices remained a key risk for a country that relies on imports for much of its fuel needs

India on Monday forecast its economic growth would accelerate to 7 to 7.5 per cent in the 2018/19 fiscal year, to once again become the world's fastest-growing major economy.

The government's economic survey, presented to parliament on Monday went on to say that though the plan has been to reduce the fiscal deficit from an estimated 3.2 percent this year to 3.0 per cent in 2018/19, a pause in the move toward a lower deficit could be merited in order to give the economy momentum.

Prime Minister Narendra Modi's nationalist government is gearing up for a general election in 2019, and speaking