India's budget to assume growth of more than 8%

(MENAFN) Revisions to India's economic output data mean that finance Minister Arun Jaitley's upcoming budget should assume that the economy will grow by at least 8 per cent in the 2015,reported Khaleej Times.

India has changed the way it measures economic activity to conform with international standards, resulting in huge upward revisions to growth figures but a small downward adjustment to the size of Asia's third-largest economy.

"In the budget, we would have to set GDP growth of at least eight per cent for next financial year as the manufacturing sector has shown a good performance," said the source.

A downward revision in nominal gross domestic product in the current fiscal year to March 31 would, however, require spending cuts of around Rs91 billionUSD 1.5 billion.