RBI survey projects GDP growth at 5.3 pc in FY15

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An RBI sponsored survey today projected the economic growth in the current fiscal at 5.3 per cent and 6.5 per cent in 2015-16, from 4.7 per cent rate recorded in 2013-14.

As per the 'Survey of professional forecasters on macroeconomic indicators', the agriculture sector is projected to grow by 2.1 per cent, industry by 3.3 per cent and services by 7 per cent in 2014-15.

The growth rate for 2014-15 is lower than RBI's own central estimate of 5.5 per cent released earlier in the day.

The Survey further projected gross domestic saving rate in 2014-15 at 31 per cent, which is likely to improve to 32 per cent in 2015-16.

It also estimates the fiscal deficit in current year at 4.3 per cent of GDP, which is higher than the budgeted estimate of 4.1 per cent.

The retail inflation in March 2015 is estimated in the range of 8-8.9 per cent in March 2015, while the WPI inflation is likely be in the range of 5-5.9 per cent.

A separate survey on 'Inflation expectations of households for April-June' said short term price rise expectations for next three months would witness marginal increase, whereas for the one year ahead inflation expectations decreased marginally as compared to March 2014.

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