Monsoon to push GDP growth to over 8% this fiscal: Panagariya

27 July, New Delhi

NITI Aayog Vice Chairman Arvind Panagariya has said that a good monsoon can help add a percentage point to India’s GDP growth in the current fiscal. He expressed confidence that the GDP growth could cross 8 per cent in current fiscal from 7.6 per cent in 2015-16.

Panagariya was talking to reporters on the sidelines of a conference of chief secretaries and planning secretaries in New Delhi today. Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.

About Prime Minister Narendra Modi’s visit to NITI Aayog tomorrow, he said the meeting will discuss the Vision (15 years till 2030), Strategy (7 Years) and Action Plan (3 years) documents. He said NITI Aayog will seek the Prime Minister’s guidance on these documents and share its views with him. On states continuing with five-year plan system which was abolished by the Centre, he said, the government is not imposing anything on states. Some states will continue with their plans.

On abolition of Railway Budget and changing financial year to calender year, Mr Panagariya said, no decision has been taken in this regard as yet. Earlier, NITI Aayog Member Bibek Debroy had said that abolition of Railway Budget and change of financial year to calendar year will be a reality by 2018.

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