India's GDP growth in FY16 accelerates to 7.6 %

01 Jun '16

2 min read

India's GDP numbers for quarter January-March stood at 7.9 per cent as against 7.3 per cent in October-December, thereby making it the fastest growing economy in the world, according to a Finance Ministry statement.

The government data projected a growth of 7.6 per cent in 2015-16 against the government's more modest expectation of 7-7.5 per cent growth. This despite growth decelerating to 7.3 per cent in the quarter ended December from 7.7 per cent in the previous quarter.

According to the Provisional Accounts for 2015-16, fiscal deficit in 2015-16 stood at 3.9 of GDP, a significant improvement over 4.1 per cent in 2014-15 and 4.7 per cent in 2013-14.

Revenue Deficit has also shown significant improvement due to increase in Capital Expenditure of the Central Government. Revenue Deficit which stood at 3.2 per cent of GDP in 2013-14 has improved to 2.9 per cent in 2014-15 and 2.5 per cent in 2015-16.

Capital expenditure has increased substantially to Rs 2,35,253 crore in 2015-16 which is an increase of Rs. 38,572 crore over 2014-15 and Rs.47,578 crore over 2013-14.

The Tirupur Exporters Association has congratulated the government for the achievement of 7.6 per cent GDP growth in FY 16.

Dr. A.Sakthivel, TEA President said in a press release today that he has sent a congratulatory message to the Prime Minister for the GDP figures which is a five-year high. He added that India continues to maintain the lead over China and is still fastest growing economy. (SH)

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