Wednesday, March 3, 2021
Home News Reports World Bank projects 7.3% GDP growth for India in the next fiscal

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.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

‘Was shot at because I carried out Tiranga rally and opposed throwing of beef outside Hindu houses’: RSS activist narrates political violence in West...

In December 2019, RSS activist Bir Bahadur Singh was shot at point-blank range in his back in Kolkata’s Metiabruz area in broad daylight

As Anurag Kashyap, Taapsee Pannu and others face raid by Income Tax department, ‘liberals’ descend to cry vendetta

Liberals suffered a meltdown on Twitter after 22 locations linked to director Anurag Kashyap & others were raided by I-T Department

Metro car shed: Maha govt says it is ready to pay for disputed Kanjurmarg land, months after claiming it cost Rs 0

The disputed Kanjurmarg land, which the Maharashtra government and Aaditya Thackeray boasted of being acquired for free of cost, is currently under litigation.

Jalgaon shocker: Police officials and hostel employees accused of forcing women residents to strip dance, complaint filed

The resident girls in the hostel have alleged that police personnel and some outsiders, in connivance with some hostel employees, were allowed to enter the hostel under the pretext of interrogation.

West Bengal: Police recover arms, bombs from the house of a worker of Indian Secular Front, an ally of Congress

Police recovered shotguns, bombs & bomb-making equipment from the residence of Indian Secular Front worker Ziarul Mollah

Income Tax raids conducted at around 22 locations linked to Taapsee Pannu, Anurag Kashyap and Vikas Bahl in tax evasion case

Simultaneous raids are being conducted at the homes and linked properties in Mumbai, Pune and some other locations of Taapsee Pannu, Anurag Kashyap and others

Recently Popular

PM Modi and his mother abused live on air by a caller on a BBC radio show on Sikhs in the UK

BBC edited the program and the host offered apology after caller abused PM Modi and his mother during a live radio show

‘Inserted her hand claiming she was planting a tree’: LGBT activist Divya Dureja accused of sexual assault under pretext of shamanic ritual

A popular LGBT activist Divya Dureja has been accused of sexual assault by Elodie Gendron under pretext of a Shamanic ritual.

Aamir Khan shelves Mahabharat amidst controversies because ‘now is not the right time’: Reports

Aamir Khan has shelved his 'Mahabharat' project amidst controversies because the 'timing' is not right, reports say.

Sourav Ganguly may attend PM Modi’s Brigade Ground rally in Kolkata on 7th March: Local media

Sourav Ganguly may attend PM Modi's rally at Brigade Ground in Kolkata on March 7, according to reports in local media.

A woman molested, a father murdered, a Samajwadi Party leader accused: Here is all you need to know about the Hathras case

"Aatankwadi hain woh", Hathras victim Pooja exclaimed, expressing her angst against the SP leader for killing her father

The Hindu ‘journalist’ Suhasini Haidar puts out misinformation about ISRO satellite launch: Read details

Suhasini Haidar, National Editor of 'The Hindu', put out false information on social media in attempt to mislead the public.
- Advertisement -

 

Connect with us

253,184FansLike
521,525FollowersFollow
23,800SubscribersSubscribe