India says economy poised to grow by 7-7.5 percent

India estimates that its economy will grow by 7 to 7.5 percent in the fiscal year that starts April 1, making it the fastest-growing major economy in the world once again, the government said Monday.

The projection was contained in the annual Economic Survey submitted to Parliament by Finance Minister Arun Jaitley. The survey is a report on the economy ahead of the annual budget, which is to be announced Feb. 1.

"A series of major reforms undertaken over the past year" is expected to also ensure that the economy grew by about 6.75 percent during the current fiscal year, it said.

The survey said the reforms will be strengthened in the coming fiscal year.

The government said growth in exports, attributed to an overall improvement in the global economy, and the liberalization of foreign investment rules in India were responsible for an acceleration of growth toward the end of the current fiscal year after a sharp dip in the first half of the year.

The slowdown was blamed on the sudden cancellation of 86 percent of India's currency at the end of 2016 and the chaotic implementation of a single goods and services tax last year.

The finance ministry added in a statement that there are still worries about the coming fiscal year, especially the possibility of an increase in prices of crude oil in the global market. India relies on oil imports for the bulk of its needs.

But the statement added that with the world economy likely to see a boost in 2018, India's overall economic performance would also see an improvement, especially with a likely increase in investment and a more stable response to the new tax system.