"India has a growth potential close to 8.5 percent to 9 percent over the next 10-15 years... The short term growth may be lower on account of structural issues which we are tackling," said Mehrishi.

Strong economic growth, he added, is necessary for solving many socio-economic problems facing the country. "India's growth is expected to be at least 8 percent in the current fiscal on account of initiatives taken by the government to boost investment and growth," Mehrishi said.
The Economic Survey had projected a growth of 8.1 to 8.5 percent in the current financial year. "Multilateral institutions also share our growth optimism. IMF has projected a growth of 7.5 percent for 2015-16.
IMF expects India to grow at 7.5 per cent in both 2015 and 2016, while China's growth rate has been projected at 6.8 percent and 6.3 percent respectively. The government, he further said, was also taking a host of steps to address rural distress "through programmes rather that price distorting measures".
The initiatives include viable crop insurance programmes for benefit of farmers and scaling up MNREGA in distress villages and rural areas, he added.

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