GDP in 2015-16 to be 8-8.5%; double-digit growth soon, says FM Arun Jaitley

Finance Minister Arun Jaitley on Saturday said growth in the next financial year will rise to 8-8.5% and clock double-digit level in the subsequent years.

"Growth in 2015-16 is expected to be between 8-8.5%. Aiming for a double digit rate seems feasible very soon," he said while presenting the Budget for 2015-16 in the Lok Sabha.

The Central Statistical Organisation (CSO) has recently revised the base year for calculation of GDP growth to 2011-12. As per this, the economic growth rate in 2013-14 is estimated at 6.9% and for 2014-15 at 7.4%. The Economic Survey had on Friday said that growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation, and forecasts of a normal monsoon in 2015-16.

The government headed by Prime Minister Narendra Modi, which assumed power in May last year, has initiated a slew of economic reforms, including de-regulation of diesel prices, raising FDI caps in several sectors, and direct transfer of LPG subsidy to beneficiaries.