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.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.#
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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