Economic Survey: GDP Growth to Top 8% in 2015-16

The Economic Survey, which was tabled today in Parliament today, said Indian economy has the potential to hit double-digit growth rates and in 2015-16, the GDP growth is likely to top 8 per cent, as compared to estimated 7.4 per cent in 2014-15.

Economic Survey is a flagship annual document of the Ministry of Finance which reviews the developments in the Indian economy over the past one year. The survey has been prepared by the finance ministry's chief economic adviser Arvind Subramanian on the state of India's economy, was released ahead of Union Budget, which will be tabled tomorrow.

The survey said inflation is on a declining trend and there is room for monetary easing from Reserve Bank of India.

Highlights

Double digit economic growth possible

Inflation showing declining trend

FY15 fiscal deficit target will be met

See scope for big bang reforms

FY15 growth domestic demand driven

FY15 farm output unlikely to meet aim

Government committed to fiscal consolidation

FY16 economic growth seen 8.1-8.5%

Likelihood of expenditure rationalisation

FY15 growth pegged at 7.4%

Gross tax revenue aim over-estimated

Revenue generation priority going forward

GDP growth shows industrial recovery

See room for monetary easing