Indian economy to grow at 7% in 2015

Global consultancy PwC predicted that India could turn the corner in 2015 and post growth of around 7 percent. In the short term low oil prices are likely to increase GDP growth, ease pressures of India's current account deficit and help bring down inflation. PwC said that with regard to the country's medium-term economic prospects, they think the Feb 2015 budget could take India a step towards implementing new structural reforms that will boost the economy. PwC said even though China is expected to make the biggest contribution to global growth this year, its projected growth rate of 7.2 percent will be its slowest since 1990 and its high debt levels pose some risks to the main scenario. The Reserve Bank of India forecast the Indian economy to grow at 5.5 percent in 2014-15 (ending this March) and at 6.3 percent in the next financial year 2015-16 (ending March 2016).