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Update on current economic scenario

By STAFF Reporter

GUWAHATI, June 26 - �India�s GDP gained momentum in the final quarter of financial year 2015 and pushed full-year growth to a five-year high. GDP grew 7.6 per cent in 2015, which was up from 7.2 per cent in the previous fiscal year and primarily reflected robust growth in private consumption, which accounts for nearly 60 per cent of the economy,� said DK Bara, former deputy general manager SBI, while giving an update on the current economic scenario of India at the monthly meeting of the SBI Pensioners� Association (SBIPA), North Eastern Circle held here on Saturday.

He, however, added that ever since the Ministry of Statistics and Programme Implementation (MOSPI) introduced a new methodology last year to measure GDP, doubts continue to linger regarding the reliability of the data. According to him, the government met its budget deficit target for fiscal year 2015, which was set at the equivalent to 3.9 per cent of GDP.

The budget deficit has been shrinking for several years and is expected to narrow further in 2016. The government has set a goal to reduce the shortfall to 3.5 per cent of GDP in financial year 2016, said a statement.

SBIPA executive committee member SC Debnath spoke on some of the major problems faced by the senior citizens of the country. He listed the problems as failing health, economic insecurity, isolation, neglect, abuse, fear, boredom, lowered self-esteem, loss of control, and lack of preparedness for old age.

In this context, he said SBI has been launching new health insurance schemes for its pensioners from time to time.

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