Economic Survey: Scope for ‘big bang reforms’, growth to rise over 8%

| Friday, February 27, 2015 - 16:57
First Published |

NEW DELHI: According to the Economic Survey, the Indian Economy is likely to rise between 8.1 – 8.5%.

Tabled by Finance Minister Arun Jaitley in Parliament on Friday and authored by team headed by Chief Economic Advisor Arvind Subramanian, the annual report card of the state of the economy stated that the growth should now grow more and double digit growth was a probability.

Presenting the Economic Survey, a day before presenting the General Budget in Parliament, Arun Jaitley said, “There is a scope for big bang reforms.”

There has been decline of more than six percentage points since 2013 in inflation, the survey said, even as the external sector including foreign funds export and inflow was getting back on a path of strength and resilience.

The industrial growth too has picked up; the survey said also enlightening positive news for the farm sector.

“Food grain production for year 2014-15 is estimated at 257.07 million tonnes and will exceed that of last year’s by 8.5 million tonnes,” the report said. “India has reached a sweet spot and that there is a scope for Big Bang reforms now,” it further added.

The survey further showed that the growth will gather speed in the Financial Year 2017 following the implementation of Goods and Services Tax (GST) and liquidity conditions are likely to stay normal in Financial Year 2016.

(With Agency Inputs)

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