World Bank projects 7.3% GDP growth for India in the next fiscal

The World Bank on Wednesday said that driven by private consumption, investments and exports, India’s economy is expected to grow at 7.3% in the next fiscal. According to reports, the Washington based agency stated that India’s growth story is credible in the long run.

For the current fiscal, the GDP growth has been predicted at 6.7%. For the 2019-20 fiscal the growth is expected to be more than 7.5%.

The World Bank in its India Development Update said that India’s GDP growth saw a temporary dip in the last two quarters of 2016-17 and the first quarter of 2017-18 due to demonetisation and disruptions surrounding the initial implementation of GST (Goods and Services Tax). It added that services will continue to be the main driver for economic growth.

- Advertisement - - Article resumes -

Junaid Ahmed, World Bank country director in India stated that India’s long-term growth has become more steady, stable, diversified and resilient. The organisation has also predicted that with the implementation of GST, manufacturing is expected to accelerate and industrial activity will grow.

“India’s long-term growth has become more steady, stable, diversified and resilient. In the long-run, for higher growth to be sustainable and inclusive, India needs to use land and water, which are increasingly becoming scarce resources, more productively, make growth more inclusive, and strengthen its public sector to meet the challenges of a fast-growing, globalizing and increasingly middle-class economy.” : Junaid Ahmed, World Bank Country Director for India 

The report, which was discussed with chief economic advisor Arvind Subramanian last week, added that the Indian economy will soon recover from the impact of demonetisation and GST and growth rates will slowly revert to a consistent level.

The report also added that in order to achieve a growth rate of over 8%, India will have to exercise continued reforms and widening of its scopes while resolving issues related to credits and investments and enhancing the competitiveness of exports.

The growth of India’s GDP saw a slight dip in the last two quarters of 2016-17 and in the first quarter of 2017-18 due to disruptions related to demonetisation and GST. Since August 2017, the economy has begun to stabilise and register a steady growth rate.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

NC Lok Sabha candidate Akbar Lone begins a rally with ‘Pakistan Zindabad’, says will abuse anyone who abuses Pakistan

Akbar Lone, NC Lok Sabha candidate for Baramulla, said that the country across is a Muslim country and abusing Pakistan would mean he is abusing himself
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old
PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

Media chose to cover reactions of opposition leaders rather than Prime Minister Narendra Modi's scathing blog on Ram Manohar Lohia's 110th birth anniversary
Owner of AAP propaganda blog agitated when Sushma Swaraj stands up for two underage Hindu girls

AAP propaganda site owner gets angry after India expresses concerns over atrocities against Hindus in Pakistan

Sushma Swaraj's move to seek details of the Incident had agitated quite a few people in Pakistan, including their Information and Broadcasting minister Ch Fawad Hussain, who saw it as an intervention in Pakistan's internal matters.
Chandrababu Naidu govt accused of misusing temple funds, allocates Rs 5 crores for mosque repairs and Iftaar parties

Chandrababu Naidu calls PM Modi a ‘demon’, JDS MLA wants to ‘crush jaws’ of Modi supporters: Politics in India reaches a new low

Crush the jaws of those who come and shout 'Modi, Modi': JDS MLA Shivaling Gowda said while addressing a public gathering

Latest articles

Connect with us

148,982FansLike
120,596FollowersFollow
31,448SubscribersSubscribe

Don't miss these


Share This Post and Support: