The National Council of Applied Economic Research (NCAER) has revised up its projections for the country’s economic growth to 7.6 per cent for the current financial year compared with the earlier forecast of 7.3 per cent.
Similarly growth in the country’s gross value added was scaled up from 7 per cent to 7.3 per cent for the year.
Surprisingly the think tank projected the wholesale price index-based (WPI) inflation to be 6.7 per cent for 2017-18. The WPI-based inflation stood at 3.85 per cent in April which further declined to 2.17 per cent in May.
India’s economy grew 7.1 per cent in 2016-17 lower than 7.6 per cent against 8 per cent a year ago.
NCAER’s projections are shade higher than Economic Survey which projected the GDP growth in the range of 6.75 per cent to 7.5 per cent for the current financial year. However the World Bank has forecast growth to be just 7.2 per cent for the year.