Indian economy: Getting growth back on track

Aug 22 2014, 08:40 IST
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SummaryEarly signs of rebound in economy are visible and growth may touch 5.8 pct in current financial year.

Early signs of a rebound in the economy are “surely visible” and growth may touch 5.8 per cent in the current financial year, lifted by strong economy boosters in the last month’s Budget and a further softening in inflation, finance secretary Arvind Mayaram said on Thursday.

Here are few facts on economic growth in India:

* India’s growth rate in the first quarter of this fiscal year is likely to be around 6%, up from 4.6% in March, driven up by higher industrial growth, a Bank of America Merrill Lynch report says

* The country’s economic growth is expected to revive, driven by improvement in business confidence and industrial production

* Going forward, India’s economic growth rate is expected to revive to 5.4% this fiscal year and would reach the 6.5% mark in the next financial year (FY16)

* The financial services firm has based its forecast on 10 lead indicators: real cash demand, industrial production, loan demand, confidence, earnings, construction, traffic, telecom subscribers and OECD lead indicator

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