New Delhi, Aug 22 (IANS): India is likely to achieve an average growth rate of around 7.5 percent during financial years 2015-20, global business information provider Dun & Bradstreet (D&B) said in a report Friday.

“India is likely to achieve a higher average growth rate of around 7.5 per cent during FY15-FY20, spurred by large infrastructure investment by the Government along with increased investment activity by the private sector,” said D&B India senior economist Arun Singh.

“The present government’s incremental effort to expedite major reforms and its successful implementation should push India’s GDP (at market prices) to more than $4.5 trillion by FY20,” Singh added

The successful implementation of major reforms by the NDA government could push India’s gross domestic product (GDP) to over $4.5 trillion by fiscal 2020, the report said.

“These are exciting times for India with the ushering in of a new majority government at the centre after three decades,” Singh said.

According to D&B, the Indian economy is expected to recover from the current phase of slowdown towards the second half of fiscal 2015 and gather pace by the year after.

For the first quarter of the current financial year, the country is expected to have a GDP growth rate of around 5.2 percent and in 2015-16 the rate is likely to be 5.5 percent

D&B's "India 2020: Economy Outlook" evaluates the growth of the Indian economy in the next six years based on its strengths and weaknesses.

The report is divided into five sections - forecasts for key macroeconomic variables, growth prospects for some Indian states, potential growth drivers of the economy, major policy initiatives to facilitate India’s economic journey and challenges to growth during the next six years.