NEW DELHI (dpa) – India’s economy is projected to grow more than 8 per cent in the next fiscal year beginning April 1, the government said Friday.
A report presented in parliament ahead of the proposed budget said India was headed toward double-digit economic growth.
“(The survey) states the Indian economy appears to have now gone past the economic slowdown, persistent inflation, elevated fiscal deficit, slackening domestic demand, external account imbalances and oscillating value of the rupee.”
The government is also seeking key legislation including insurance and land reforms to facilitate large investments into Asia’s third-largest economy.
The new projections came after India last month changed its method of calculating gross domestic product at market prices instead of factory costs. It also changed the base year used to calculate GDP from 2004-05 to 2011-12.