Economic Survey 2015

NEW DELHI: Prime Minister Narendra Modi's government forecast GDP growth of over 8% y/y in the 2015/16 fiscal year, the Economic Survey said on Friday.

The Economic Survey, prepared by the finance ministry's chief economic adviser Arvind Subramanian, was tabled in the Lok Sabha on Friday.

Following are the highlights of the survey:

* 2015/16 GDP growth seen at over 8% y/y

* Double digit economic growth trajectory now a possibility

* Govt remains committed to fiscal consolidation

* Government will adhere to fiscal deficit target of 4.1% of GDP in 2014-15

* Inflation shows declining trend in 2014/15

* Economic Survey says estimates current account deficit to fall to 1 pct of GDP in coming fiscal year*

* Industrial growth picks up after decline in past years

* Average WPI inflation declines to 3.4% in 2014-15 (April-December) against 6% previous year
* Current account deficit to come down to 1 pc of GDP in 2015-16

* Fourteenth finance commission will enhance fiscal federalism in India

* Need to improve productivity in the agricultural sector to ensure food security

* Greater public investment in Railways will boost competitiveness of Indian manufacturing substantially

* Public investment to be a key growth engine in short run for Railways, but not a substitute for private investment

* Rural penetration of IT services to drive 'Make in India' mission

* Post Office can be linked with AADHAR based benefits transfer architecture to allow linkage to AADHAR accounts

* All states stand to gain, in absolute terms, from transfers recommended by 14th Finance Commission.


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