NEW DELHI, Jan. 29 (Xinhua) -- The Indian government Monday pegged the country's economic growth between 7-7.5 percent in the next financial year, in its Economic Survey tabled at the Parliament on the opening day of the Budget Session Monday.
The Economic Survey, the annual report of the country's financial health, was placed in the Parliament by Indian Finance Minister Arun Jaitley, just three days before the government's general budget for the next fiscal, starting April 2018.
For 2017-18, the country's gross domestic product (GDP) is set to expand by 6.75 percent -- due to a slew of major economic reforms, like the launch of Goods and Services Tax (GST) and further liberalisation of foreign direct investment, undertaken in 2017, the survey said.
The economy is poised to rise between 7.0 percent and 7.5 percent in 2018-19, it estimated.
The government's projections are similar to the International Monetary Fund's estimations that the Indian economy would grow at 7.4 percent in 2018, thus making it the fastest growing country among emerging economies.
"With world growth likely to witness moderate improvement in 2018, expectation of greater stability in GST (goods and services tax), likely recovery in investment levels, and ongoing structural reforms, among others, should be supporting higher growth," the survey said.
India's Chief Economic Advisor Arvind Subramanian, the man behind the Economic Survey, took to social media to say that the country's growth is reviving after temporary decoupling. "There are robust and broad-based signs of revival in economic activity," he tweeted.
However, the survey has flagged some concerns about the rising oil prices. "Some of the factors could have dampening effect on GDP growth in the coming year viz. the possibility of an increase in crude oil prices in the international market," it said.
