"Participating economists in Ficci's latest Economic Outlook Survey feel the government should  focus on growth at this juncture. Union Budget 2016-17 must strengthen the domestic capex cycle", the Federation of Indian Chambers of Commerce and Industry said in a statement here.

"Fiscal consolidation is important, but not at the cost of productive investments", it said. The survey, conducted earlier this year among economists from the industrial, banking and financial services sector, put the GDP growth estimate for 2015-16 at 7.4 percent.

"The results of latest round of Ficci's Economic Outlook Survey put across a median GDP growth forecast of 7.4 percent for the current fiscal year, which is lower than the advance estimate of 7.6 percent put forth by the Central Statistical Organization recently", it said.

According to the survey results, the agriculture sector is expected to record a growth of 1.7 percent this fiscal, which would be 0.3 percent lower than estimated growth in the previous round.

The economists surveyed said that they look forward to government sticking on to the path to fiscal consolidation but not at the cost of curtailing productive expenditure.

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