"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 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. Latest News from Business News Des
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.