India Inc on Monday said the country's economic recovery seems to be on right course with GDP projected to grow at a 5-year high of 7.6% in 2015-16 and hoped the growth will further improve in coming days.
India Inc on Monday said the country's economic recovery seems to be on right course with GDP projected to grow at a 5-year high of 7.6% in 2015-16 and hoped the growth will further improve in coming days.
It said the GDP estimates for the year 2015-16 indicate that the economy is firmly holding on to the recovery course.
"Reform measures taken over the past 18 months have put the economy on the growth trajectory. The improvement expected in the agriculture and manufacturing sectors in the current fiscal is encouraging...we do hope to see a turnaround in near future," Ficci said in a statement.
Indian economy is expected to record a five-year high growth of 7.6% in 2015-16 on improved performance in manufacturing and farm sectors.
According the Central Statistics Office (CSO), the Gross Domestic Product (GDP) or economic growth is estimated at 7.3% in October-December quarter of this fiscal.
Industry chamber PHDCCI also said the GDP growth is inspiring despite slow global outlook and there are better growth prospects for the Indian economy in coming times.
Assocham said the government should take proactive policy measures in the budget specifically focused on agriculture, infrastructure sector, steel, banking and financial sectors among others to revive the economy.
The GDP estimates indicate some revival in manufacturing, construction, trade hotel, transport, communication and services related to broadcasting and public administration, it said in a statement.
Consultancy firm Deloitte India said the manufacturing along with agriculture are the only two sector sub components that are likely to show higher growth.
"On the expenditure side, investments are likely to grow by 5.3% for the full year as compared to 4.9% in the previous year, which shows that capex is stable and probably moving up," it said.
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