CSO's GDP estimates surpass Finance Ministry, RBI projections

NEW DELHI: The economic growth in current fiscal projected at 7.6 per cent by the CSO has surpassed the estimates of Finance Ministry, the Reserve Bank and other multilateral agencies.

The Central Statistics Office (CSO) in its advance estimates has projected a 5-year high growth rate of 7.6 per cent for 2015-16. The previous high was recorded in 2010-11 at 8.9 per cent.

The CSO's estimates is higher than the Finance Ministry's mid-year economic analysis which projected a growth rate of 7-7.5 per cent for the current fiscal.

In fact, the Ministry has lowered its growth forecast from 8.1-8.5 per cent mentioned in the Economic Survey tabled in Parliament in February 2015.

The Reserve Bank had also lowered the growth projections for current fiscal to 7.4 per cent from 7.6 per cent estimated earlier.

As regards the international multilateral agencies, IMF has projected India's growth at 7.3 per cent, while Asian Development Bank expects India to clock 7.4 per cent GDP expansion in 2015-16.

Moody's Investors Service expects India to clock 7 per cent growth this fiscal.