Economic Outlook Survey pegs GDP growth at 7.4%

Krishnanand Tripathi
File photo of an Indian worker in a factory.

File photo of an Indian worker in a factory.

Industry chamber FICCI has pegged India’s gross domestic product growth at around 7.4 percent for the fiscal year 2017-18.

In its latest Economic Outlook Survey released today, FICCI said that as per the data collected during March-April this year a median GDP group forecast of 7.4 percent for the current fiscal year was recorded.

The survey recorded a minimum growth rate of 7 per cent and and a maximum level of 7.6 percent.

The survey said: “The industry and services sector are expected to grow by 6.9 per cent and 8.4 per cent respectively in 2017-18.”

The survey was conducted amongst economists belonging to the industry, banking and financial services sector.

India’s Met Department has also predicted a near normal monsoon this year after two back to back deficient monsoon that would help economic growth this year.

India’s central bank RBI in its latest policy statement estimated retail inflation to average 4.5 percent in the first half of the year and 5 percent in the second half.