The World Bank, in its twice-a-year South Asia Economic Focus report has forecast a growth rate of 7.3% for India and 7.5% for 2019 and 2020.
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The report says that Indian economy has also recovered from the November 2016 demonetisation and implementation of Goods and Service Tax in July 2017.
The World Bank further said India should strive to accelerate investments and exports to take advantage of the recovery in global growth.
“Growth is expected to accelerate from 6.7 in 2017 to 7.3 percent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption,” the World Bank report said.
A report by Asian Development Bank released last week also resonated with the World Bank report. The economy grew 6.6 percent in the last fiscal as it battled the lingering effects of demonetisation in 2016, businesses adjusting to Goods and Services Tax (GST) in 2017, and a subdued agriculture.
In November 2016, in a bid to curb the black money menace, Modi government took a bold step of demonetising Rs. 500 and Rs. 1,000 currency notes. The unprecedented had left the opposition pointing out fingers at the ruling parties dauntless decision. P.Chidambaram, Congress leader and former Finance Minister even called the ‘surgical strike’ on black money ill-conceived.
Congress president Rahul Gandhi, was in an all-out attacking mode, saying that ‘November 8 is a sad day for the country.”
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However, various reports have emerged since then which show a different story. E-filing of income tax grew by 17%, bringing more people under the tax bracket. In fact, even the 2017-18 Economic Survey tabled in the Parliament earlier this year asserted economic revival.