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Business Economy


India’s growth rate is set to improve further in 17-18: Govt

New Delhi, May 22 (UNI) Government today claimed that India’s growth rate is set to improve further in 2017-18 as most of the indicators are positive.
Highlighting the key achievements of Department of Economic Affairs on the completion of three years of Narendra Modi led NDA Government, Finance Ministry said in a statement that predictions by expert agencies suggest a better tomorrow in coming years.
Today, India is one of the bright spots among the major countries in the subdued global economic context. India recorded a growth of 7.9 per cent in 2015-16, as compared to 7.2 per cent in 2014-15 and 6.5 per cent in 2013-14.
According to Finance Ministry, in terms of the Global Competitiveness Index (GCI) prepared by World Economic Forum for 138 countries, India ranked 39 in 2016-17, as compared to India’s rank in GCI of 60 (among 148 countries) in 2013-14.
During the last three years, Indian economy has made an improvement in macro-economic stability on the strength of the following indicators:
Ministry claimed that the Foreign Exchange Reserves has surpassed 362.8 billion dollar mark which was 296.9 when NDA government came to power.
Fiscal Deficit has come down from 5 per cent of GDP to 3.5 per cent of the GDP.
It has also claimed that the fiscal situation of India has become comfortable, with fiscal deficit as a ratio of GDP steadily declining from 4.5 per cent in 2013-14. Fiscal deficit of the Government of India as a ratio of GDP was 4.1 per cent in 2014-15, 3.9 per cent in 2015-16 and 3.5 per cent for 2016-17 (Revised Estimate). The fiscal deficit is budgeted to be 3.2 per cent of GDP in 2017-18.
As far as inflation is concerned, the present Government took charge in May 2014 in the backdrop of persistently high inflation, particularly the food inflation. Astute food management and price monitoring by the Government in the last three years helped control the stubbornly persistent inflation. CPI inflation remained under control for the third successive financial year.
The average CPI (combined) inflation declined from 9.5 per cent in 2013-14 to 5.9 per cent in 2014-15 and 4.9 per cent in 2015-16. It declined further to 4.6 per cent in the current financial year, upto February 2017 and stood at 3.7 per cent in February 2017 backed by sharp fall in food inflation.
Food inflation based on consumer food price index (CFPI) which was in double digits during 2012-2014 declined to 6.4 per cent in 2014-15 and 4.9 per cent in 2015-16. It declined further to 4.4 per cent in the current financial year, upto February 2017 and stood at 2.0 per cent in February 2017.
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