India to rebound to 6% growth in FY’16: Sinha
12/11/2014 11:57
Against the backdrop of the Modi government’s aggressive reform spree, Asia’s third biggest economy may return to higher growth trajectory, going forward, with a six per cent growth rate very possible next fiscal. The new Minister of State for Finance Jayant Sinha sees the Indian economy expanding by 6-6.5 per cent in FY 2015-16, as he stressed that job creation and inflation management were the two major goals of his government. “We are expecting the growth to pick up and be on the accelerating trajectory. Hopefully we will cross 6-6.5 per cent next year," Mr Sinha told the PTI. Sinha expects the economy rebounding to 7-8 per cent sustainable growth in the coming years. The economy is expected to grow 5.4-5.9 per cent in the current fiscal year ending March 31, 2015, according to the Economic Survey. The Indian economy, which has grown below the 5 per cent mark in the past two fiscals, expanded at 5.7 per cent in Q1 FY 2014-15, year on year, bouncing back from a 4.7 per cent growth in FY 2013-14. Among the recent measures taken by the government include liberalisation of FDI norms in construction, defence and railways, oil & gas reforms, labour market reforms and measures to reduce rep tape and make it easier for companies to do business in the country. The government is also likely to push the insurance bill and Constitutional amendment bill on Goods and Services Tax (GST) during the Winter Session of Parliament beginning November 24.
12/11/2014 11:57
Against the backdrop of the Modi government’s aggressive reform spree, Asia’s third biggest economy may return to higher growth trajectory, going forward, with a six per cent growth rate very possible next fiscal. The new Minister of State for Finance Jayant Sinha sees the Indian economy expanding by 6-6.5 per cent in FY 2015-16, as he stressed that job creation and inflation management were the two major goals of his government. “We are expecting the growth to pick up and be on the accelerating trajectory. Hopefully we will cross 6-6.5 per cent next year," Mr Sinha told the PTI. Sinha expects the economy rebounding to 7-8 per cent sustainable growth in the coming years. The economy is expected to grow 5.4-5.9 per cent in the current fiscal year ending March 31, 2015, according to the Economic Survey. The Indian economy, which has grown below the 5 per cent mark in the past two fiscals, expanded at 5.7 per cent in Q1 FY 2014-15, year on year, bouncing back from a 4.7 per cent growth in FY 2013-14. Among the recent measures taken by the government include liberalisation of FDI norms in construction, defence and railways, oil & gas reforms, labour market reforms and measures to reduce rep tape and make it easier for companies to do business in the country. The government is also likely to push the insurance bill and Constitutional amendment bill on Goods and Services Tax (GST) during the Winter Session of Parliament beginning November 24.
