Finance Secretary sees Indian economy expanding 5.8% in FY 15
12/08/2014 16:32
According to a PTI report, Indian Finance Secretary Arvind Mayaram reckons that the Indian economy has the potential to expand by 5.7 per cent to 5.8 per cent this fiscal as investment and business sentiment revives in Asia’s third biggest economy amid growth measures from the new government.
The Indian economy has grown below the 5 per cent mark for the past two fiscals.
Manufacturing activity in India grew at the fastest pace in 17 months in July 2014, HSBC said in a recent report. Further, industrial output rose for a second straight month in May, up 4.7 per cent, year on year, signaling the green shoots in the economy.
“The economy is already looking up, if you look at the recent numbers whether it is IIP numbers or PMI numbers you will see there is uptake in the economy”, Arvind Mayaram said, the PTI said.
“So with that buoyancy in the growth which we now anticipate and generally everybody believes it is going to be achieved, it is going to be close to 5.7, 5.8 per cent if not more, then I do not see why we should not have such buoyancy on this”, he added, the PTI reported.
However, the Finance Secretary expressed doubts over the ability to achieve the 4.1 per cent fiscal deficit target as a percentage of GDP for the current fiscal.
12/08/2014 16:32
According to a PTI report, Indian Finance Secretary Arvind Mayaram reckons that the Indian economy has the potential to expand by 5.7 per cent to 5.8 per cent this fiscal as investment and business sentiment revives in Asia’s third biggest economy amid growth measures from the new government.
The Indian economy has grown below the 5 per cent mark for the past two fiscals.
Manufacturing activity in India grew at the fastest pace in 17 months in July 2014, HSBC said in a recent report. Further, industrial output rose for a second straight month in May, up 4.7 per cent, year on year, signaling the green shoots in the economy.
“The economy is already looking up, if you look at the recent numbers whether it is IIP numbers or PMI numbers you will see there is uptake in the economy”, Arvind Mayaram said, the PTI said.
“So with that buoyancy in the growth which we now anticipate and generally everybody believes it is going to be achieved, it is going to be close to 5.7, 5.8 per cent if not more, then I do not see why we should not have such buoyancy on this”, he added, the PTI reported.
However, the Finance Secretary expressed doubts over the ability to achieve the 4.1 per cent fiscal deficit target as a percentage of GDP for the current fiscal.
