GDP to be lower at 6.5% in FY17; rebound next fiscal

Parliament, 6.5%, 7.6%, 6.75-7.5%, Finance Minister, Arun Jaitley, GDP growth figure

New Delhi: India’s economic growth has been pegged at 6.5% for the current fiscal, down from 7.6% recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5% in 2017-18.

The Economic Survey for 2016-17, tabled in the Parliament by Finance Minister Arun Jaitley on Wednesday, underlined the need for more reforms.

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The Survey’s GDP growth figure for the current fiscal is lower than 7.1% the Central Statistics Office had forecast earlier this month.

The Survey lists some of the challenges that might impede India s progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution.

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