Output growth, measured using GVA, is likely to improve marginally in 2015-16 and further in 2016-17 and quarterly growth projections for the next five quarters indicate that growth is likely to peak in July-September period of 2016-17.
"Forecasters expect real GVA at basic price to increase by 7.4 per cent in 2015-16 (and) in 2016-17, GVA is expected to increase by 7.8 per cent, led by growth in 'services' by 9.3 per cent," the survey result posted by the RBI said.
The Central Statistical Office (CSO) will release estimates of GDP and GVA on Monday.
CPI or retail inflation is likely to remain below 6 per cent till third quarter of 2016-17. Medium-term growth and inflation expectations remained unchanged from the levels indicated in the last round of the survey.
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The wholesale price based inflation is expected to turn positive from the fourth quarter of 2015-16 and increase to 3 per cent in the third quarter of 2016-17.
The rupee is expected to remain stable against the US dollar in the near future, said the survey.
Twenty four professional forecasters participated in the latest survey round (Round 38) conducted in January 2016, the RBI said.