India’s GDP to expand 7.7% this fiscal: Citigroup
03/08/2016 10:32
A Citigroup report has said that Indian GDP is expected to expand at 7.7 per cent this financial year despite the fact that the pace of activity indicators slackened in April-June. According to the global financial services major, the pace of growth of activity indicators like commercial vehicle sales, credit to the infrastructure sector, power demand and air cargo, among others, slackened in April-May, taking growth rates back to the average 2015-16 levels. Commenting on the issue, a Citi Group Official told the media, "Although growth rate of activity indicators dipped in April-June of this fiscal, we remain hopeful that the full year GDP growth could be 7.7 per cent." The report further noted that it is comfortable holding on to its 7.7 per cent 2016-17 GDP growth forecast for now because of rural economy boost from a better monsoon and 7th Pay Commission impact on public sector salaries. As per reports, Indian economy grew 7.9 per cent in the March quarter and recorded a 5-year high growth rate of 7.6 per cent for 2015-16 on robust manufacturing growth.
03/08/2016 10:32
