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  3. Govt reassures GDP to grow over 7.5% in the current fiscal

Govt reassures GDP to grow over 7.5% in the current fiscal

15 Sep 2015 Evaluate

Amid the worries of slowing growth, Finance Ministry has assured that India's growth in the current fiscal will exceed 7.5 per cent as there are 'silver linings' in the global financial turmoil, with government committed to ensuring that the country remains a 'bright spot' in the world economy because of various reasons - the twin deficits (CAD and the fiscal deficit) are well in control, and forex reserves are fairly comfortable.

Economic Affairs Secretary Shaktikanta Das has said that the ministry believes that India remains as one of the very few bright spots in the global economy, a view echoed by the IMF as well and this year we are targeting about 7.5 per cent to 8 per cent growth. We are quite confident that upwards of 7.5 per cent is what we can reasonably expect.

He said that there has been some concerns around agriculture sector, but there is some visibility of pick up in rural demand. Besides, increased infrastructure spending and more FDI coming in with global majors like GE and Foxconn investing in India makes a case for better manufacturing output. He also said that there are some concerns with regard to corporate profits having come down and affecting the corporate results and therefore the direct tax collections. But, the indirect tax collections have been very buoyant and the overall budgeted tax numbers will be achieved.

Shaktikanta Das said given the global crisis, India is now focusing on governance reform, strengthening resilience in macro economy so that it can seize the opportunity that the current global situation throws up. Das added that the RBI and the government are monitoring the current account deficit position and will take steps to keep it at manageable levels and the government is committed to continue with reforms, ease of doing business. The Indian economy expanded by 7 per cent in the first quarter (April-June) of current fiscal compared to 7.3 per cent in the same quarter last fiscal.

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