NEW DELHI: The
Economic Survey
for 2015-16 tabled in Parliament on Friday pegged India's growth for the next fiscal at 7-7.5 percent.
The Economic Survey for 2015-16 was tabled in Parliament by finance minister Arun Jaitley.
The Economic Survey is the finance ministry's view on the annual economic development of the country that gives a broad idea on the macro-economic data, which will impact the budget decisions.
For the current fiscal, the survey estimated the GDP growth at 7.6%.
Authored by chief economic adviser in the finance ministry Arvind Subramanian, the survey said: "India's long run potential GDP growth is substantial, about 8-10%."
Highlights of Economic Survey 2015-16:* GDP growth rate for 2015-16 to be in the range of 7 % to 7.75 %
* Amidst gloomy international economic landscape, India stands as a haven of stability
* Low inflation has taken hold and confidence in price stability has improved
* Services continues to be key driver; expected to be 9.2% in 2015-16
* Foreign exchange reserves have risen to US $349.6 (Jan-2016)
* Govt will meet its fiscal deficit target of 3.9 per cent of GDP
* Agriculture sector needs a transformation to ensure sustainable livelihoods for farmers and food security
* Growth in the services sector moderated slightly, but still remains robust.