"Growth in 2015-16 is expected to be between 8-8.5 percent. Aiming for a double digit rate seems feasible very soon," he said while presenting the Budget for 2015-16 in the Lok Sabha.

Read more: Union Budget a test for reform zeal of PM Modi

Read more: Realty industry seeks clarity on REITs, FDI in Budget

The Central Statistical Organisation (CSO) has recently revised the base year for calculation of GDP growth to 2011-12. As per this, the economic growth rate in 2013-14 is estimated at 6.9 per cent and for 2014-15 at 7.4 per cent.

Read more: Easing inflation provides room for rate cut by RBI: Jaitley

The Economic Survey had yesterday said that growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation, and forecasts of a normal monsoon in 2015-16.

Read more: General Budget 2015: Economy in good shape today, says Jaitley

The government headed by Prime Minister Narendra Modi, which assumed power in May last year, has initiated a slew of economic reforms, including de-regulation of diesel prices, raising FDI caps in several sectors, and direct transfer of LPG subsidy to beneficiaries.

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