New Delhi: Indian Ratings and Research (Ind-Ra) expects the Indian economy to grow at 7.4 per cent year-on-year in fiscal year 2017-18. The growth will be backed by consumption demand and government spending, leading to a growth of 3 per cent in agriculture sector, 6.1 per cent growth in industries and 9.1 per cent growth in the service sector. The final consumption expenditure is expected to grow at 8.9 per cent for the private sector and 9 per cent for the government. The Current Account Deficit (CAD) is expected to be 1 per cent of the GDP in 2017-18, as compared to 0.9 per cent in 2016-17.
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