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Budget 2016: Jaitley pegs nominal GDP growth at 11% in FY17

In Union Budget 2015-16, finance minister Arun Jaitley had said he expects the Indian economy to grow at 8-8.5 percent. However, it was later revised downward to 7.2 percent

February 29, 2016 / 18:10 IST

Finance minister Arun Jaitley has pegged India's nominal GDP growth at 11 percent in FY17, despite global volatility.

In his previous Budget, Jaitley had said he expects the Indian economy to grow at 8-8.5 percent (real GDP). However, it was later revised downward to 7.2 percent.

Recently, the Central Statistics Office (CSO) said the full-year GDP forecast has been revised upward to 7.6 percent on the back of benign crude oil prices and a sharp uptick in manufacturing.Nominal GDP is a gross domestic product (GDP) figure that has not been adjusted for inflation. Real GDP is an inflation adjusted rate of growth.

In recent times, a lot of questions have been raised on the manufacturing growth number considering India has consistently been clocking lower industrial production or IIP number.

Meanwhile, India's gross domestic product or GDP grew at 7.6 percent in the first quarter, 7.7 percent in the second quarter and 7.3 percent in the third quarter.

first published: Feb 29, 2016 01:00 pm

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