MUMBAI (Reuters) – India’s economy should grow between 7 percent and 7.5 percent in the fiscal year starting in April with exports and private investment set to rebound, the country’s top finance ministry economist said in a report presented on Monday.
The annual survey was released ahead of the government’s annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday.
DEVENDRA KUMAR PANT, CHIEF ECONOMIST AND SENIOR DIRECTOR (PUBLIC FINANCE), INDIA RATINGS & RESEARCH, NEW DELHI
“Based on present situation, growth in FY19 is likely to be around lower end of the range (7-7.5 pct). However, evolving domestic and global situations may push it in any direction.”
“Government is expected to follow a path of fiscal consolidation in FY19, and FY19 central government fiscal deficit could be 3.2 percent of GDP, which will be higher than the fiscal consolidation roadmap presented in medium term fiscal policy with FY18 union budget.”
“There is high probability of increased allocation towards rural areas, infrastructure.”
Reporting by Vishal Sridhar; Compiled by Rafael Nam