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FICCI survey concluded Indian Economy to grow at 5.6%in 2014-15

The MODI led BJP government at ruling which has the objective of restoration of growth and good governance has given very positive results after the completion of initial 100 days. The confidence amongst the investors has increased and hope that will go ahead in line with the implementation of objectives of the new government.

Also, the Reserve Bank of India is not likely to cut the interest rates during the current fiscal year.

Retail inflation is expected at 7.8 per cent this fiscal, in sync with RBI’s indication earlier this year.

The minimum and maximum range for GDP growth in the current fiscal is indicated at 5.3 per cent and 6 per cent respectively, as against 5.3 per cent estimated in the previous round of the survey.

The diagnosis made by the economists with regard to exports and current account deficit reflected no imminent risks.It was analysed that the macro-economic fundamentals are gradually strengthening and the overall health of the economy is set to improve going ahead.

Government should further enhance and extend its arms for lending credit to small and medium enterprises; simplify taxation policies to bring down the time and cost involved in filing returns and introduce Goods & Services Tax at the earliest.

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