World Bank Projects 7.3% growth for India - India’s growth rate in 2018 is projected to hit 7.3% and 7.5% in the next two years, according to the World bank. It said that the country has “enormous growth potential” compared to other emerging economics with the implementation of comprehensive reforms, India is estimated to have grown at 6.7% in 2017 despite initial setback from demonetization and the Good and service Tax(GST), according to the 2018 Global Economics Prroject released by the World Bank here.
“In all likehood, India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn’t focus on the short term numbers. I would look at the big picture for india and big picture is telling us that it has enormous potential,” Ayhan Kose, Development Projects Group at the World Bank, told PTI in an interview.
He said in comparison with China, the World Bank is expecting India to Gradually accelerate. “The growth number past three years were very healthy” said Kose, author of the report.
India’s economy is likely to grow 7.3% in 2018 and then accelerate to 7.5% in the next two years, the bank said. China grew at 6.8% in 2017 , 0.1% more than that of India. To materialize its potential, India needed to take steps to boost investment prospect. There re measure underway to do in terms of non-performing loans and productivity, he said. “on the productivity, India has enormous potential with respect to secondary education completion rte.” It has been said that India has a favourable demographic profile which is rarely seen in other economies.
Courtesy/By: Ritu Pandey
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12 Jan 2018
