MUMBAI: India is the only BRIC nation, where growth will accelerate, to 8 per cent in FY16 and 8.3 per cent in FY17, based on revised data series, Fitch said in its report on Global Economic Outlook, while an HSBC report projected India to clock a growth rate of 7.4 per cent in the current financial year, which is likely to improve further to 8.3 per cent by 2016-17.
Praising the government's effort to produce GDP data in line with international standards, international rating agency Fitch said while plenty of policy initiatives will likely have a positive effect on real GDP growth, including structural reforms and some fiscal and monetary policy loosening, the impact of such measures takes time to show up in higher growth. Global financial services major HSBC said the key drivers of economic growth will be the government's push on kick-starting investments, continued reform momentum, re-starting of stalled investment projects and an accommodative moneta ry policy stance, HSBC chief India economist Pranjul Bhandari said.
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