INDIA has estimated that its economy will grow by between seven and 7.5 per cent over the fiscal year starting on April 1, making it the world’s fastest-growing major economy once again.

The projection was contained in the annual Economic Survey submitted to the Indian parliament by the finance minister Arun Jaitley. The survey is a report on the economy ahead of the annual budget, which is to be announced on February 1.

A series of major reforms undertaken over the past year are expected to ensure that the economy grew by about 6.75 per cent during the current fiscal year, it said. The survey also said the reforms will be strengthened in the coming fiscal year.

The Indian government said growth in exports, attributed to an overall improvement in the global economy, and the liberalisation of foreign investment rules in India were responsible for an acceleration of growth toward the end of the current fiscal year after a sharp dip in the first half.

The slowdown was blamed on the sudden cancellation of 86 per cent of India’s currency at the end of 2016 and the chaotic implementation of a single goods and services tax last year.

The finance ministry added that there are still worries about the coming fiscal year, especially the possibility of an increase in prices of crude oil in the global market.