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Indian economy likely to grow 7.6% in FY16

While the economy slowed a little in the December quarter, growth was faster than China's 6.8 percent expansion in the third quarter.

Policy Pulse
Publish Date: Feb 9 2016 3:38PM | Updated Date: Feb 9 2016 3:45PM

Indian economy likely to grow 7.6% in FY16photo : Hrishikesh bhatt

India's economy is forecast to grow by 7.6 percent in 2015-16, marginally higher than the finance ministry's estimate, making it the fastest growing major economy in the world.

 

Data released by the Central Statistics Office (CSO) on Monday showed the economy grew 7.3 percent in the October-December quarter, slower than the previous quarter's upwardly revised 7.7 percent expansion.

 

Growth for the July-September quarter was revised to 7.7 percent from the previously reported 7.4 percent. April-June quarter was revised upwards to 7.6 percent from 7 percent earlier. Full growth for 2015-16 was more or less in line with estimates and higher than the 7.2 percent expansion in the previous year.

 

While the economy slowed a little in the December quarter, growth was faster than China's 6.8 percent expansion in the third quarter. The finance ministry expects the economy to grow by 7.1-7.5 percent in the current financial year and then accelerate in the years ahead.