India gives cautious GDP view of over 7%
Print Edition
INDIA yesterday offered a cautious forecast for economic growth to exceed 7 percent in the next financial year, as the government prepares to present its budget, with clamor for promised reforms growing.
The Economic Survey, a yearly report released by the finance ministry ahead of the national budget on Monday, said gross domestic product would grow between 7 percent and 7.75 percent in 2016-17.
The relatively upbeat prediction comes despite a weak global economy, with a slowdown in China, other major emerging markets in recession and sinking global stocks.
India’s GDP likely grew 7.6 percent over the 2015-16 financial year, the government said, making it the world’s fastest growing major economy. However, yesterday’s forecast represents a paring back of expectations from last year’s survey which predicted growth would top 8 percent this year.
“We’ve learnt from the experience of last year. The forecast for last year went wrong, maybe it was over-optimistic,” said Arvind Subramanian, the government’s chief economic adviser.
And while its growth has outpaced that of China in recent quarters, Asia’s third-largest economy still faces challenges.
After cooling from previously high levels, India’s once exorbitant inflation has ticked up again over the past few months, with prices rising 5.7 percent in January.
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