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Dubai: India’s economic growth is expected to exceed 7.3 per cent in the 2015-16 fiscal and go higher during the next year, Finance Minister Arun Jaitley said on Monday.

“The Indian economy is expected to grow better than 7.3 per cent level achieved last fiscal, and at an even higher level next year,” Jaitley said at investors forum here.


In this regard, India’s finance minister noted that rural demand in the country had been impacted by deficient monsoon rains in last two years.

Jaitley is on a two-day visit to the United Arab Emirates to acquaint the investors there about the various investment opportunities in India.

Late last month, the World Bank maintained its growth forecast for India in 2015-16 at 7.5 percent, while lowering marginally the projection for 2016-17 to 7.8 percent, and for 2017-18 to 7.9 percent.

“However, acceleration in growth is conditional on the growth rate of investment picking up to 8.8 percent during FY 2016-FY 2018,” the bank said in its latest India Development Update released in New Delhi.

“While growth will very likely remain above 7 percent in the next fiscal year, there is significant uncertainty about the momentum of the economy,” it added.

The earlier bi-annual update, released in April, had estimated gross domestic product (GDP) growth at 7.9 percent in the next fiscal and at 8 percent in 2017-18.

(IANS)


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Indian wrestler Ravi Kumar (57kg) and Deepak Punia (86kg) enjoyed fruitful outings at the Tokyo Olympic Games as they secured semifinal berths in their respective weight categories at the Makuhari Messe on Wednesday.

On the opening day of the wrestling competition, Ravi Kumar defeated Bulgaria's Georgi Vangelov 14-4 on technical superiority to reach the last-four in the men's 57kg category, while compatriot Deepak Punia overcame China's Zushen Lin 6-3 on points to advance to the semifinals.

Ravi Kumar will take on Nurislam Sanayev of Kazakhstan in the last-four, while Punia will be up against David Morris Taylor of the USA.

Earlier, Ravi Kumar had won his opening-round bout by technical superiority against Colombia's Oscar Tigreros to secure a quarterfinal spot. Competing in the Round-of-16 bout against the Colombian wrestler, the 23-year-old Ravi Kumar, who is making his Olympic debut, showed no nerves as he dominated the bout to win by technical superiority (13-2).

Ravi Kumar landed attack after attack and went 13-2 up, winning the bout by technical superiority with minutes to spare. In wrestling, building up a 10-point lead over the opponent results in a victory by technical superiority.

India's 86kg freestyle wrestler Deepak Punia showed no signs of the niggle that had forced him to pull out of the Poland Open Ranking Series in Warsaw in June, as he defeated Nigeria's Ekerekeme Agiomor on technical superiority to secure a quarterfinal berth.

He got his Olympic campaign to a fine start as he was in control from the start of the bout and hardly ever allowed his Nigerian opponent any room to maneuver his moves, finally winning with a 12-1 on technical superiority.

Punia, who had also suffered an elbow injury just before the Games, was slow at the start but came into his own as the bout progressed, inflicting takedowns at regular intervals to earn points.

The Indian wrestler eased into a 4-1 lead at the break and extended his lead comfortably in the second period.

Punia, the silver medallist from the 2019 world wrestling championships, then set up a clash with China's Lin Zushen in the quarterfinals and defeated him 6-3.

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