World Bank projects India's FY19 GDP growth at 7.3%
World Bank on Wednesday projected India's GDP growth at 7.3% for the next financial year and accelerated further to 7.5% in 2019-20. The Bank's report expects the economy to clock a growth of 6.7% in the current fiscal ending 31 March. It observed that a growth of over 8% will require "continued reform and a widening of their scope". Here's more.
Indian economy likely to recover from demonetization, GST impact
"The Indian economy is likely to recover from the impact of demonetization, and the GST, and growth should revert slowly to a level consistent with its proximate factors, that is, to about 7.5% a year," the report said. In November 2016, the government had scrapped high-value currency notes of Rs. 500 and Rs. 1,000 in a bid to check black money, among others.
Economy expected to grow 6.6% in current fiscal
India's economic growth had slipped to a three year low of 5.7% in April-June quarter of the current fiscal, though it recovered in the subsequent quarters. It is expected to grow 6.6% in the current fiscal ending 31 March, as per the second advanced estimates of the Central Statistics Office, compared to 7.1% in 2016-17. The earlier estimate was 6.5%.
Continued integration into global economy required to accelerate growth rate
The Economic Survey tabled in the Parliament has projected a growth rate of 7% to 7.5% in the 2018-19 financial year. The World Bank report named "India Development Update: India's Growth Story" further said that accelerating the growth rate will also require continued integration into global economy. It pitches for making growth more inclusive and enhancing the effectiveness of the Indian public sector.
