The government on Monday said that the annual economic growth prediction for the 2015-16 fiscal year has been raised to 7.6%, from a previous estimate of 7.2%, the Economic Times reported. The announcement comes ahead of the annual budget, which Finance Minister Arun Jaitley will present next month.
The revised figure is being attributed to the economy growing at 7.3% in the October-December 2015 quarter. Experts said this was largely due to a double-digit showing by the manufacturing sector. Other sectors such as mining, electricity and construction also grew, though the agriculture industry slowed down by 1%. According to NDTV, latest figures show that India is growing faster than China. However, some economists said the predictions are inflated because of a change in statistical methodology, and is not supported by other indicators of a growing economy such as auto sales and power demand.