The union finance ministry expects the Indian economy to grow at about 6 per cent or above during the current financial year.

Economic Affairs Secretary Arvind Mayaram said that the growth is likely to be above 6 per cent this year. The growth expectation is backed by improved investor confidence and an increase in investments. He also said that the government is taking steps to boost investment sentiment in the country.

While speaking on the sidelines of ADB annual meet, he said, “Let me assure you the growth rate will not be below 6 per cent. Investments are picking up, there are greenshoots. The sentiment is improving, FDI is increasing. I have absolutely no doubt that you would certainly see positive movement in this.”

The Reserve Bank of India expects the Indian economy to grow at 5.7 per cent in the current fiscal. The projection is lower than an estimate of of 6.1-6.7 per cent of the central government. The central bank has lowered key lending (or repo) rate by 0.25 per cent but pointed out that further easing of the rate is limited.

The government is working to boost investments in the Indian economy and the Cabinet Committee on Investment (CCI) has already approved projects worth Rs 93,000 crore during the previous four months.