India`s growth over 8% |
The Indian economy is expected to grow over 8% in the current financial year as the momentum has started gathering pace, NITI Aayog vice-chairman Arvind Panagariya said. India will cross 8% economic growth. The 7% economic growth in the first quarter will be revised upwards, he said, emphasizing that things are now moving on economy front. In the first quarter of the current financial year (April-June), the economy grew at 7%, down from 7.5% in the preceding three months mainly on account of deceleration in farm, services andmanufacturing sectors. It was, however, 6.7% in the corresponding quarter a year ago. Panagariya`s comments come a day after the World Bank projected India`s growth to be below 8% over the next three years even when investments in the country grow by 8.8% during the three year period up to 2017-18. The latest India Development Update expects India`s economic growth to be at 7.5% in 2015-16, followed by a further acceleration to 7.8% in 2016-17 and 7.9% in 2017-18, according to the World Bank .
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