July 4, 2019 / 6:07 AM / a month ago

India govt report pegs 2019/20 GDP growth at 7 pct - sources

NEW DELHI, July 4 (Reuters) - India on Thursday forecast its annual economic growth could accelerate to 7% in the 2019/20 fiscal year from an estimated 6.8% in the previous year, two government sources said, that could help it regain the status of world’s fastest-growing major economy by overtaking China.

The government’s economic survey, to be presented to parliament later on Thursday, also says India will face a challenge on the fiscal front following an economic slowdown impacting tax collections amid rising state expenditure on the farm sector, the sources said. (Reporting by Aftab Ahmed and Mayank Bhardwaj, writing by Manoj Kumar, editing by Alasdair Pal)

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