Macro Eco survey for 2015-16 |
India expects its economy to grow 7-7.5% in the fiscal year to March 2017, the Economic Survey said on Feb 26 , ahead of the presentation of the annual budget by finance minister Arun Jaitley on Feb 29.The Economic Survey, the basis for Jaitley`s Budget for the fiscal year starting April 1, projected India to grow 8% in the next couple of years.The survey was prepared by the finance ministry`s chief economic adviser Arvind Subramanian.Following are the highlights :FISCAL DEFICIT* 2015/16 fiscal deficit seen at 3.9 percent of GDP seems achievable* 2016/17 expected to be challenging from fiscal point of view* Credibility and optimality argue for adhering to 3.5% of GDP fiscal deficit target* Time is right for a review of medium-term fiscal framework.
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