India's Growth Likely at 7.8% in 2015-16: NITI Aayog Member

Kolkata: India's economic growth could be around 7.8 per cent in 2015-16, higher than the Finance Ministry's projection of 7.5 per cent, NITI Aayog member Bibek Debroy said here on Tuesday.

"I think country's growth will be slightly higher than Finance Ministry's projection of 7.5 per cent to 7.8 per cent," he said at an interactive session with the Bharat Chamber of Commerce.

Referring to growth and interest rate, Mr Debroy indicated that sharper rate may help in high growth but globally central banks are very conservative.

The Reserve Bank of India cut rate by 25 basis points on Tuesday.

Speaking about reports on divestment, Mr Debroy said the first report on divestment was expected in April. He, however, did not elaborate on the proposed reports.

Replying to a question on West Bengal, he said it has advantage for agro-based industry and services.

"Every state has a competitive advantage. It is best (suited) for agro-based products. West Bengal could be a bridge with the North East. Lot of services could happen. If Bengal does not, other states like Bihar will grab the opportunity," Mr Debroy said.

He further said that template for development is more or less same for all states like law and order, physical infrastructure and better administration.

Mr Debroy said Bengal has not sought any assistance from NITI Aayog for any advisory so far. The national think tank offers guidance and knowledge support to the states.

The states, having sought assistance, included Rajasthan, Meghalaya, Madhya Pradesh and Kerela.