Economic Survey growth projection optimistic: Mohandas Pai

The Indian economy is slated to growth between 6.1 and 6.7 per cent in the next fiscal, the Economic Survey, tabled in the Lok Sabha, said on Wednesday. According to TV Mohandas Pai, chairman of Manipal Global Education, the projection is slightly optimistic. "We are at 5-5.5 per cent growth; investment is down to about 30 per cent of GDP; savings are down; consumer spending is not holding up; fiscal deficit is coming down from 5.3 per cent to 4.8 per cent, which means, there will be a compression of government expenditure. So where is the impetus coming for economic growth?" he says.