India predicts turnaround in economy next fiscal year with 6.1%-6.7% growth
NEW DELHI - The government has predicted a turnaround for the Indian economy with GDP growth expected to rise anywhere between 6.1 and 6.7 per cent in the next fiscal year.
The Economic Survey, traditionally presented in Parliament a day before the annual budget, optimistically suggested that "the downturn is more or less over and the economy is looking up''.
This came at a time when the economy slid to its lowest growth rate in a decade at an estimated 5 per cent this fiscal year.
"India situation is difficult. The slowdown is a wake-up call for increasing the pace of actions and reforms," said the survey which sets out pointers for the government which has the option of either taking up the suggestions or rejecting them.