3. India's economic growth has been accelerating in recent years, although it is still below the
10% rate achieved in fiscal year 2010-11. Under the newly-revised series of national accounts
released in January 2015, real GDP growth was 6.9% in 2013-14 and estimated to be around
7.4% in 2014-15; these revised figures show a more positive trend and outlook than that based
on the previous series. India's per capita GDP was around US$1,500 in 2013-14. Inflation stood at
5.9% in July-September 2014; food prices, although lower recently, continued to put pressure on
overall consumer prices. In the past few years, inflation became slightly milder due partly to
declining oil prices. The Reserve Bank of India has recently been focusing on containing inflation.
In February 2015, India introduced a new framework of "inflation targeting" for the medium term.
During the period under review, the repo rate was increased several times until January 2015,
when it was lowered by 0.25 percentage points. India does not publish official unemployment
figures; the authorities state that the largest employment sector in India is agriculture.