The Centre has praised global investment banker Goldman Sachs for awarding a growth forecast of 7.9 per cent for the Indian economy in the current fiscal, along with the promise of an improved monsoon, key reforms and increased FDI inflows.
M Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban Poverty Alleviation, tweeted, "Happy that Goldman Sachs forecast Indian economy to clock 7.9 per cent in current fiscal with better monsoon, key reforms and FDI inflows." Moody's Investors Service in August had forecast the real GDP growth for India at around 7.5 per cent for FY2017. "Goldman Sachs lauded several important policy changes and reforms that were carried out like GST bill passage, bankruptcy code, government approval of inflation targeting framework and measures to ease doing business," Naidu tweeted.
India had clocked an overall growth of 7.6 per cent in the previous fiscal, with the growth rate accelerating to 7.9 per cent during the January-March period this year on strong manufacturing growth. . The Finance Ministry and NITI Aayog insisted that Indian can reach an 8 per cent growth rate in the current fiscal if the monsoon was good this year against the previous two years of consecutive drought.
