NEW DELHI:
Decline in the growth rate has bottomed out and the economy will recover further because of falling inflation and favourable external environment, Finance Minister Arun Jaitley said today.
“…Emerging trends indicate the growth deceleration in India has bottomed-out,” he said at a pre-budget with meeting with representative of social sector.
The Finance Minister will present the Union Budget for 2015-16 next month.
The significant downward trend in inflation has also been recorded in the second and third quarters of 2014-15 and the external environment has also largely turned in India’s favour, said an official release.
Against this backdrop, Jaitley said, “domestic policies to achieve macro-economic balance and the on-going process of economic reforms would lend further strength to the recovery of the economy”.
India’s GDP growth, which had fallen under 5 per cent, is expected to be between 5.4 per cent and 5.9 per cent this fiscal. (AGENCIES)
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