India’s Gross Domestic Product grew at 7.2% in 2014-'15, lower than the earlier projection of 7.3%, PTI reported. GDP growth rate for the financial year 2013-'14 was revised to 6.6% from the earlier estimate of 6.9%. The figures were released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation.
Reserve Bank of India Governor Raghuram Rajan said that aggressive policies for small growth benefits may make India an unstable economy. He added that more decisions need to be decentralised from the government to the boards of public sector banks. Rajan had earlier also voiced scepticism about the way India’s GDP is calculated, and urged policymakers to be careful when calculating the figure.
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