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  3. Indian economy to grow at 5.6% in FY’15: Ficci Survey

Indian economy to grow at 5.6% in FY’15: Ficci Survey

15 Sep 2014 Evaluate

Amid the gloomy outlook of the industrial activity after the index of industrial production (IIP), expanded by 0.5% in the month of July, as compared to upwardly revised 3.9% in June, a survey report from industry body Federation of Indian Chambers of Commerce and Industry (Ficci) is likely to give some respite to the India Inc as well as the new government, struggling to keep pace with high expectation and weak growth.

As per the Ficci's latest "Economic Outlook Survey",  Indian economy will expand by 5.6 percent during 2014-15. The survey has projected the minimum and maximum range for GDP growth in the current fiscal at 5.3 per cent and 6 per cent respectively, as against 5.3 per cent estimated in the previous round, reflecting a clear return in optimism and the economic activity, which is expected to continue with this momentum in the second half of the current fiscal year as well.

The industry body’s survey estimates the services sector to remain at 6.9 percent in FY15, pretty much at similar levels as was reported last time, while agricultural growth is expected to remain steady despite weak monsoon, outlook for the industrial sector has improved considerably and is expected to grow by 4.7 percent in FY15.

The participants of the survey also expect the RBI to consider a cut in policy rates only in the first quarter next year, as household inflationary expectations remain high and the retail inflation is expected at 7.8 percent this fiscal.

Ficci, reacting to the weak industrial growth data has said that while they were hoping that slowdown in manufacturing had bottomed out, it appears from July numbers that manufacturing may not out be "out of the woods” and is worrying that deceleration in July is somewhat broad based extending to consumer durables and capital goods. However, they are looking for a positive investment and infrastructure driven environment.

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