(MENAFN) Revisions to India's economic output data mean that finance Minister Arun Jaitley's upcoming budget should assume that the economy will grow by at least 8 per cent in the 2015,reported Khaleej Times.
India has changed the way it measures economic activity to conform with international standards, resulting in huge upward revisions to growth figures but a small downward adjustment to the size of Asia's third-largest economy.
"In the budget, we would have to set GDP growth of at least eight per cent for next financial year as the manufacturing sector has shown a good performance," said the source.
A downward revision in nominal gross domestic product in the current fiscal year to March 31 would, however, require spending cuts of around Rs91 billionUSD 1.5 billion.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.