Economy May Grow Over 8% in FY17: Panagariya
The economy is expected to grow over 8% this fiscal with the forecast of above-normal monsson raising hopes of the agriculture sector's revival after two successive drought years, Niti Aayog vice-chairman Arvind Panagariya said on Tuesday.
“The economic growth rate will be more than 8% during the current fiscal. There is a forecast of abovenormal monsoon this fiscal,” Panagariya said after delivering a lecture organised by the Central Vigilance Commission here. He said the economic growth in the current fiscal could be even higher in view of policy and monetary interventions by the government and the Reserve Bank of India, which will ultimately push the sluggish industrial growth.
Finance Minister Arun Jaitley had also expressed hope that good rains will propel India’s economic growth to 8.5% during the current fiscal, higher than Central Statistics Office advance estimates of 7.6% for 2015-16.— PTI