India’s economy is expected to grow by between 6.75 per cent and 7.5 per cent in the coming fiscal year (2017-18), according to the Economic Survey, which was tabled in Parliament today. Indian economy is expected to slow down significantly in this current fiscal (2016-17) in the wake of demonetisation. The International Monetary Fund (IMF) has already downgraded its growth projection for this fiscal year, down to 6.6 per cent from 7.6 per cent forecast earlier.
The Indian economy expanded at 7.6 per cent in 2015-16 and at 7.2 per cent in 2014-15.
Prior to that, India’s GDP grew at 6.9 per cent in 2013-14 and 5.1 per cent in 2012-13.
At the lower band of Economic Survey’s projection, if the economy grows at 6.75 per cent in 2017-18, it would be the lowest growth in five years.
A flagship annual document of the Ministry of Finance, the Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programmes, and highlights the policy initiatives of the government. The Economic Survey also highlights prospects of the economy in the short to medium term. Economic Survey is prepared by Chief Economic Advisor Arvind Subramanian and his team.
The IMF has also cut India’s growth rate for fiscal year (2017-18) to 7.2 per cent as against its previous forecast of 7.6 per cent.