The Economic Survey for 2015 - 16 tabled in parliament on Friday has pegged India's growth for the next fiscal in the 7 - 7. 75 percent range.
Reviewing the major developments during the fiscal, the survey said that according to the Central Statistics Office, the growth rate of GDP at constant market prices is projected to rise to 7. 6 percent in 2015 - 16 from 7. 2 percent in 2014 - 15.
Authored by the finance ministry's Chief Economic Advisor Arvind Subramanian, the survey said: "India's long run potential GDP growth is substantial, about 8 - 10 percent. "
"Amidst a gloomy international economic landscape, India stands as a haven of stability and will be the fastest growing major economy, " it added.
On the inflation front, the survey projected the consumer price - indexed (CPI), or retail, inflation in the next fiscal would settle in the 4. 5 to 5 percent range.
Declaring low inflation has taken hold and there is improved confidence over price stability, the Survey said it expects the Reserve Bank of India to meet the 5 percent inflation target set for the end of the next fiscal in March 2017.
India's trade deficit in April to January period of the fiscal declined to $106. 8 billion from $119. 6 billion in the corresponding period of 2014 - 15.
The country's current account deficit (CAD) during April - September period of the fiscal was at 1. 4 percent of the GDP.