Economic Growth Improving in India: Arun Jaitley

New Delhi: India's economic growth rate is expected to increase to 7.6 per cent in 2015-16, Finance Minister Arun Jaitley said on Tuesday.

The growth rate (GDP at constant market prices) increased from 6.6 per cent in 2013-14 per cent to 7.2 per cent in 2014-15.

"(It) is estimated to have further increased to 7.6 per cent in 2015-16 (advance estimates), indicating that economic growth has been improving in India," he said in a written reply to the Rajya Sabha.

He was asked about "the position" of revival the Indian economy from the world-wide economic recession as on date.

Mr Jaitley further said that as per the information available from the International Monetary Fund, the global output growth remained positive, although it has been projected to have declined from 3.4 per cent in 2014 to 3.1 per cent in 2015.

The minister said government has taken various initiatives to boost the growth of the economy, and industrial growth in particular.

Meanwhile, to a question on central assistance for area specific development programme, Minister of State for Finance Jayant Sinha said funds allocated to states according to the recommendations of the 14th Finance Commission are "far more" than earlier allocations.

Replying to a supplementary question, he said on a "net-net" basis also, states have got more under the 14th Finance Commission. He said flexibility has been given to states to spend the funds.

The government also said that consequent to recommendation of the commission for an increase in states' shares in divisible pool of Union taxes from 32 per cent 42 per cent, Central Assistance to State Plans, including Backward Region Grand Fund, has been subsumed in overall enhanced devolution to the states from fiscal year 2015-16.