GDP growth to over 8 per cent |
A good monsoon can help add “a percentage point” to India’s GDP growth in the current fiscal, from 7.6 per cent in 2015-16, NITI Aayog Vice Chairman Arvind Panagariya said on July 27 expressing confidence in crossing the 8 per cent mark. If the agriculture growth does pan out on those lines India should cross 8 per cent in 2016-17. Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.Enthused by the impressive numbers for the last fiscal, as against 7.2 per cent in 2014-15, the government had also said that the growth rate can go up to 8 per cent in the current fiscal on the back of a good monsoon. The farm sector also rebounded to the growth zone, as against a contraction in previous fiscal, although the rate of expansion was low at 1.2 per cent in 2015-16.
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