Indian economy: Getting growth back on track

Written by ENS Economic Bureau | New Delhi | Updated: Aug 22 2014, 14:10pm hrs
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 months Budget and a further softening in inflation, finance secretary Arvind Mayaram said on Thursday.

Here are few facts on economic growth in India:

* Indias 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 countrys economic growth is expected to revive, driven by improvement in business confidence and industrial production

* Going forward, Indias 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