Finance Minister Arun Jaitley in his Union Budget said India's economy is expected to grow between 8 and 8.5 per cent in the fiscal year that starts April 1, 2015.
"Forecast for India have been upgraded or remained same without downgrades... The world is predicting it is India's time to fly," Mr Jaitley said.
"Aiming for a double-digit growth seems feasible very soon."
If next year's growth pans out the way Mr Jaitley expects, India will achieve its fastest growth in five years since 2010-11, when the economy grew at 9.32 per cent.
The statistics department has changed the way India calculates its GDP; this means India is now the fastest-growing major economy in the world.
Growth for 2013-14 was revised up from 4.7 per cent to 6.9 per cent using the new methodology that calculates GDP using market prices. For the current fiscal year, GDP growth is likely to be 7.4 per cent, according to advance estimates.
The Economic Survey, unveiled on Friday, projected India's economic growth at over 8 per cent for the next fiscal.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
