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India's economy is likely to expand at 7.6 per cent in 2016-17, according to the Reserve Bank of India's Annual Report 2015-16. Overall gross value added (GVA) growth is projected at 7.6 per cent in 2016-17, up from 7.2 per cent last year.
The RBI noted that the impact of Brexit on the Indian economy have been relatively muted, including the immediate impact on equity and foreign exchange markets. "Abstracting from these external shocks, the near-term domestic outlook appears somewhat brighter than the outcome for 2015-16," RBI said.
The RBI also said that industrial activity has been in contraction mode in the early months of...