India’s economy is expected to grow between 5.4 per cent and 5.9 per cent in the current fiscal year, the new government’s first Economic Survey said on Wednesday.
The Economic Survey 2013-14, tabled in Parliament a day ahead of the Union Budget 2014-15, expects that moderation in inflation will ease the monetary policy stance and revive the confidence of investors.
As regards the downside risks, the Survey lists factors like poor monsoon, the external environment and the poor investment climate.
The Survey further said the measures taken by the government to improve investment climate and improve governance could push up growth to 7-8 per cent in the coming years.
After recovering in 2009-10 and 2010-11, GDP growth slowed down to decade’s low of 4.5 per cent in 2012-13. It picked up marginally to 4.7 per cent in 2013-14.