FY16 GDP estimates revised to 7.9 pc from 7.6 pc

Mumbai: The Union Government on Tuesday revised its GDP growth estimates for 2015-16 from 7.6 per cent to 7.9 per cent.

It means the government believes GDP grew at a faster pace than what it earlier estimated for the said fiscal.

Finance Ministry on Tuesday said current account deficit (CAD) in first half of 2016-17 slipped to 0.3 per cent of GDP.

Earlier in the day, the government tabled Economic Survey 2017 in Parliament that lowered GDP growth forecast for current fiscal 2016-17 to 6.5 per cent. Survey further said GDP growth will likely rebound in the range of 6.75-7.5 per cent in 2017-18.