India’s Economic Survey pegs next fiscal’s growth at 6.75-7.5%

New Delhi: India’s Economic Survey for 2016-17 has pegged the country’s growth at between 6.75 per cent and 7.5 percent, while going by the 7.1 percent expansion for the current fiscal provisionally projected by the Central Statistics Office.

The survey, tabled in parliament by Finance Minister Arun Jaitley on Tuesday, also said during the current fiscal, while the farm sector will show a decent growth of 4.1 per cent, industrial output will retard to 5.2 per cent. Services growth will be 8.8 per cent.

These three sectors had expanded by 1.2 per cent, 7.4 per cent and 8.9 per cent, respectively, during the previous fiscal.

“For 2017-18, it is expected that the growth would return to normal as the new currency notes in required quantities come back into circulation and as follow-up actions to demonetisation are taken,” the survey said referring to ban on high-denomination currencies announced in November last year

“On balance, there is a likelihood that Indian economy may recover back to 6.75 per cent to 7.5 per cent in 2017-18.”