A day ahead of presenting Union Budget 2015-16, Finance Minister Arun Jaitley tabled the Economic Survey in Parliament on Friday which indicates a clear political mandate for reform and a benign external environment now is expected to propel India on to a double digit trajectory. 

The Economic Survey says that expectation for such a growth rate is also due to a number of reforms that have already been undertaken and more that are being planned for.  The Survey enlist various reform measures like de-regulation of diesel price, taxing energy products, replacing cooking gas subsidy by direct transfer on national scale, passing an Ordinance to reform the coal sector via auctions, increasing the FDI caps in defence, etc.

The Economic Survey said, 'As the new Government is to present its first full year budget, states that it appears that India has reached a sweet spot and that there is a scope for Big Bang reforms now.'

''The Economic Survey states that growth at market prices for 2015-16 is expected to be 8.1-to 8.5.''

The growth rate in GDP at constant (2011-12) market prices in 2012-13 was 5.1%, which increased to 6.9% in 2013-14 and it is expected to further increase to 7.4% in 2014-15.

The expected high growth rate in the coming year in the favourable economic environment has created a historic movement of opportunity to propel India into a double-digit growth trajectory to attain the fundamental objective of wiping every tear from every eye of the vulnerable and poor people of the country, the survey says.