Due to large scale expenditure of the government, the GDP growth rate of the current year will be seven percent.

Mumbai: In view of the government's huge expenditure and huge investment in the manufacturing sector, India's economic growth rate in the current financial year is expected to be around 7 to 7.20 percent. However, according to Deloitte India, given weak global growth, the outlook for the next financial year will be affected.

A growing manufacturing sector, stable oil prices and the possibility of a more accommodative monetary policy in the US post-election will not only increase capital inflows and reduce production costs, but will also increase long-term investment and employment.

The country's economic growth rate has been seen at 6.70 percent in the June quarter of the current financial year. India is one of the fastest growing countries globally.

Deloitte has maintained GDP growth forecast at 7 to 7.20 percent for the current fiscal year and 6.50 percent to 6.80 percent for the next fiscal year.