NEW DELHI: India’s economy is likely to expand 7.8 per cent during the current financial year on the back of good monsoons, said economists polled by Ficci.
Releasing the latest survey, Ficci said there has been a “marginal improvement” in growth estimate for 2016-17 as against the previous round and “this comes at the back of better performance of the agriculture and industry sector”.
The monsoon season has been good this year which is expected to support agricultural production, it added.
Reserve Bank has also said the near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17.
Ficci’s Economic Outlook Survey puts across a median GDP growth forecast of 7.8 per cent for the current fiscal year. Further, the estimated median GVA (gross value added) growth for Q1 FY17 has been put at 7.6 per cent.
The survey was conducted during July-August among leading economists belonging to the industry, banking and financial services sector. (AGENCIES)
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