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GDP growth to improve this fiscal: FM

According to the Economic Survey 2013-14, the growth in the Indian economy can be expected to recover gradually to 5.4% to 5.9% in 2014-15.

July 19, 2014 10:38 IST | India Infoline News Service

As per the provisional estimates of Gross Domestic Product (GDP), published by Central statistics Office (CSO), the rate of growth in the GDP at factor cost at constant (2004-05) prices was 4.7% in 2013-14.

As per the provisional estimates of GDP, the contribution of agriculture and allied sectors (agriculture, forestry and fishing), industry sector and services section in the GDP at constant (2004-05) prices during 2013-14 is 13.9%, 26.1% and 59.9% respectively.

The growth rate of the country is expected to increase during 2014-15, compared to 2013-14. According to the Economic Survey 2013-14, the growth in the Indian economy can be expected to recover gradually to 5.4% to 5.9% in 2014-15. Factors like the revival of industrial growth, improved external economic situation characterized by a stable current account, generally benign outlook on oil prices, improved fiscal situation, modest global growth revival etc, can be expected to contribute to the gradual recovery in GDP growth during 2014-15.

This information was given by the Union Minister of Finance, Arun Jaitley in written reply to a question in Lok Sabha today.

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