The growth rate can be easily increased by 1 per cent by addressing structural problems through reforms, the council observed during its meeting Friday.
If the current growth rate continues for a decade or two, he said, Indian economy expansion is going to be exponential.
By 2030, Asia-10 economies will grow so robustly that they will, on aggregate, amount to over USD 28.35 trillion in real GDP (2010 constant dollars) terms, while for the US will amount to USD 22.33 trillion.
Interim Finance Minister Piyush Goyal assured that government will maintain stability in the economy and meet all economic parameters fixed by it
It projected India's growth at 7.3 per cent in current the fiscal and further to 7.5 per cent in 2019-20. Growth is projected to be 6.7 per cent in the last fiscal, ended March 31.
The ADB's growth projection of 7.3 per cent this fiscal is in line with that of rating agency Fitch, but a tad lower than RBI's forecast of 7.4 per cent.
According to global financial services major UBS, the tone of the policy statement by the RBI’s monetary policy committee (MPC) is expected to “remain cautious while maintaining a neutral policy stance”.
The Budget for 2018-19 includes some measures that could stabilise the rural economy that was disproportionately hit by the demonetization policy and is yet to recover, it said.
Bihar's growth rate is higher than that of the national average of 7.0 per cent, the 12th Economic Survey of Bihar said.
India’s retail inflation for January has eased down to 5.07 per cent compared to 5.21 per cent in December 2017, according to the latest data released by the Central Statistics Office on Monday.
The RBI also lowered the economic growth projection to 6.6 per cent for 2017-18 from the previous 67 per cent. It estimated 7.2 per cent growth in the next fiscal.
The government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, said Arun Jaitley.
India is estimated to have grown at 6.7 per cent in 2017, according to the 2018 Global Economics Prospect released by the World Bank in Washington on Tuesday.
According to Nomura's Composite Leading Index, some growth consolidation is likely in the Oct-Dec quarter, followed by a sharp recovery in Q1 2018 due to ongoing remonetisation and improving global demand.
The IMF statement came as the latest figures showed that India grew at 6.3 per cent in the September quarter compared to 5.7 per cent in the June quarter, reflecting an improvement in the Indian economy.
Eight core sectors grew to a six-month high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed on Tuesday.
Arun Jaitley on Tuesday announced a massive Rs 6.92 lakh crore infrastructure spending and another Rs 2.11 lakh crore for bank recapitalisation to revive investments as well as growth.
Arun Jaitley on Tuesday said the Indian economy is on a strong wicket with sound macro-economic fundamentals. He took a graphical approach to explain the achievements of his ministry in the last three years and also to explain the future strategies.
FM Arun Jaitley has warned CPSEs that “no slackness” would be tolerated if they falter on capital spending.
The revised figure was US government’s third and final look at GDP for the April-June period.
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