Economic Affairs Secretary Shaktikanta Das said India's overall macroeconomic numbers and fiscal parameters were "very very robust".
New Delhi: India has done well on fiscal and economic parameters and its GDP growth can touch 8 per cent in the current fiscal year with a good monsoon, notwithstanding global headwinds, the Finance Ministry said on Wednesday.
"This year the projections for monsoon are good. We hope that the monsoon will be good. With a good monsoon, I think India will be able to reach 8 per cent growth in the current year," said Economic Affairs Secretary Shaktikanta Das.
He was talking to reporters along with Telecom Minister Ravi Shankar Prasad after a Cabinet meeting.
Mr Das said the fiscal deficit and the revenue deficit during 2015-16 were fully contained and targets were achieved.
"Our fiscal and micro and macroeconomic parameters are very positive," he said.
India clocked a GDP growth rate of 7.9 per cent in the March quarter to consolidate its position as the fastest growing major economy, leaving behind China, with a five-year high growth rate of 7.6 per cent for 2015-16 on robust manufacturing growth. The growth was 7.2 per cent in 2014-15.
Mr Das said overall macroeconomic numbers and fiscal parameters of the country are "very very robust".
The government was "bang on target" on the fiscal deficit front. During 2015-16, fiscal deficit was contained at 3.9 per cent of GDP, in line with Budget projections.
Revenue deficit showed significant improvement due to increase in capital expenditure of the government. The deficit which was 3.2 per cent of GDP in 2013-14 improved to 2.9 per cent in 2014-15 and 2.5 per cent in 2015-16.
The secretary said the Plan expenditure at Rs 4.71 lakh crore in 2015-16 was higher than Budget estimate of Rs 4.65 lakh crore. The capital expenditure has exceeded Budget estimates for the first time in five years.
"We can say with confidence that with all the reform measures, policy initiatives, the direction which the Budget has given this year for the economic growth, especially for agriculture and rural sector, all this put together I think we are beginning to see the results. This is reflected in the overall GDP and in the fiscal numbers," Mr Das added.
"This year the projections for monsoon are good. We hope that the monsoon will be good. With a good monsoon, I think India will be able to reach 8 per cent growth in the current year," said Economic Affairs Secretary Shaktikanta Das.
He was talking to reporters along with Telecom Minister Ravi Shankar Prasad after a Cabinet meeting.
Mr Das said the fiscal deficit and the revenue deficit during 2015-16 were fully contained and targets were achieved.
"Our fiscal and micro and macroeconomic parameters are very positive," he said.
India clocked a GDP growth rate of 7.9 per cent in the March quarter to consolidate its position as the fastest growing major economy, leaving behind China, with a five-year high growth rate of 7.6 per cent for 2015-16 on robust manufacturing growth. The growth was 7.2 per cent in 2014-15.
Mr Das said overall macroeconomic numbers and fiscal parameters of the country are "very very robust".
The government was "bang on target" on the fiscal deficit front. During 2015-16, fiscal deficit was contained at 3.9 per cent of GDP, in line with Budget projections.
Revenue deficit showed significant improvement due to increase in capital expenditure of the government. The deficit which was 3.2 per cent of GDP in 2013-14 improved to 2.9 per cent in 2014-15 and 2.5 per cent in 2015-16.
The secretary said the Plan expenditure at Rs 4.71 lakh crore in 2015-16 was higher than Budget estimate of Rs 4.65 lakh crore. The capital expenditure has exceeded Budget estimates for the first time in five years.
"We can say with confidence that with all the reform measures, policy initiatives, the direction which the Budget has given this year for the economic growth, especially for agriculture and rural sector, all this put together I think we are beginning to see the results. This is reflected in the overall GDP and in the fiscal numbers," Mr Das added.
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