India's economy will swell by 7.7% in the current fiscal, according to survey by the Federation of Indian Chambers of Commerce and Industry. The Economic Outlook Survey suggests that the industrial and agricultural sectors in the country will do well, thanks to the expected average-to-above average monsoon this year, reported PTI. However, the report states that it will take at least six months for the investment cycle to reflect the growth.
The FICCI report has put probable agricultural sector growth at 2.8%, with a range of minimum 1.6% to maximum 3.5%. The growth in industrial sector is expected to go up by 7.1%, and for services sector, the survey predicts a 9.6% growth. The report is based on views and opinions of economists collected in April/May 2016.
"It was unanimously felt that a turnaround in this fiscal year looks unlikely and an improvement in numbers would not come until next financial year," the business organisations' association said. According to the Reserve Bank of India, the financial year 2016-17 will witness a growth of 7.6%. Their prediction is also based on the monsoon forecast.