NEW DELHI: Indian statistics ministry announced in a data released that Indian economy will accelerate 7.4 per cent this financial year, a revised formula for calculating gross domestic product showed the much controversial results.
The economy will grow 7.4 per cent in the year through to March, the statistics ministry announced, after earlier revising the forecast expansion to 6.9 per cent from 4.7 per cent by using the new formula.
The economy also grew at an annualised 7.5 per cent in the three months to December, a ministry official said at a press conference.
India had been thought to be struggling through the worst economic slowdown since the 1980s at below five per cent growth, far too low to generate jobs for millions of young people.
