The Reserve Bank of India (RBI) on Monday released its annual report for the financial year 2015-16.
The central bank in its report predicted a bright that the near-term domestic outlook for 2015-2016.
“The near-term domestic outlook appears somewhat brighter than the outcome for 2015-16,” the bank wrote in its report.
RBI also projected the Overall Gross value Added (GVA) growth at 7.6 percent in 2016-17, which is 0.4 percent more than last year.
The bank in its report wrote that while the target for CPI inflation, which was below 6 percent by Jan 2016, was met, the focus has now shifted to attaining inflation target of 5 % by end of 2016-17.