New Delhi: The Central government on Monday forecast annual economic growth to accelerate to 7.4 per cent in the fiscal year ending in March 2015 after Asia's third-largest economy grew 7.5 per cent in the quarter to end-December.
The latest estimate compares with a revised 6.9 per cent growth a year earlier and is based on the new formula the statistics department has started using to measure the economy.
India now measures GDP by market prices instead of factor costs, to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011/12 from 2004/05 earlier.
It also sharply revised up growth for the first half of fiscal 2014/15 to about 7.4 per cent from 5.5 per cent reported earlier under the old method.
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