Enthused by the impressive numbers for 2015-16, as against 7.2 percent in previous fiscal, the government said the growth rate can go up to 8 percent in the current fiscal on the back of good monsoon.

The farm sector also rebounded to the growth zone, as against a contraction in previous year, although the rate of expansion was low at 1.2 percent in 2015-16.

The industry lauded the numbers and expressed hope that better monsoon and further reforms will help expand the economy at even a faster pace.

According to the data released by the Central Statistics Office (CSO) today, the growth in manufacturing and farm sectors during the fourth quarter accelerated to 9.3 percent and 2.3 percent, respectively.

The core sector data in April too indicated momentum in the economic activity as it grew at rate of 8.5 percent in the month, the highest in the last four years.

Commenting on GDP numbers, Economic Affairs Secretary Shaktikanta Das said India can move towards 8 per cent growth with better agriculture production.

"The various measures that the government has been taking in the last couple of years is beginning to show results and overall there are greenshoots...this year hopefully with good monsoon we should look at a growth closer to 8 per cent," he said.

Finance Secretary Ashok Lavasa said, "We should work towards seeing this (GDP growth) number grow. We are focusing on capital spending in infra and social spending."

"Growth rate in the 4th quarter of 2015-16 at 7.9 percent almost hits the magical 8 percent mark. Good days ahead," NITI Aayog Vice Chairman Arvind Panagariya tweeted.

The CSO has also revised the GDP growth rate for previous quarters of 2015-16 -- 7.5 percent for April-June, 7.6 percent for July-September and 7.2 percent for October-December.

The 7.6 percent growth rate for 2015-16 is the same as projected by the CSO in its advance estimates of national income earlier in February this year.

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