New Delhi: The government is likely to revise downwards the GDP growth forecast for the current fiscal when it presents the Mid-Year Economic Review in Parliament on December 18. The pre-Budget Economic Survey had projected India to grow at 8.1-8.5 per cent in the current fiscal.
The customary mid-year review outlines the outcome of the analysis of the trends in receipts and expenditure at the end of first half of the fiscal. Besides, it also gives an account of the macroeconomic situation, outlook and challenges for specific sectors and growth forecast.
"The tentative date for presenting the review is December 18," said Chief Economic Advisor Arvind Subramanian, whose team in the Finance Ministry is drafting the report. He however did not elaborate on the growth projections the review is going to project. The review will be tabled in Parliament before the Winter Session concludes on December 23.
However, the Reserve Bank has projected the economy to grow at 7.4 per cent in the current fiscal. The mid-year economic review is likely to lower the GDP growth projection for 2015-16 to below 8 per cent, according to sources. Indian economy grew at 7.3 per cent last fiscal. In the first half of the current fiscal, GDP grew by 7.2 per cent compared to 7.5 per cent in the same period of 2014-15. In the last few months, the government has taken a number of reform measures to boost investment and also took steps to ease doing business in India.
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