Indian economy is expected to grow at 7.3 percent: IMF |
India is projected to grow at 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world, according to the International Monetary Fund. In 2018, India`s growth rate was 7.1 per cent, as against China`s 6.6 per cent. In 2019, the International Monetary Fund projected a growth rate of 6.3 percent and 6.1 per cent in 2020 for China, according to the latest World Economic Outlook projections released ahead of the annual spring meetings of the International Monetary Fund and the World Bank. Reflecting the recent revision to the national account statistics that indicated somewhat softer underlying momentum, growth forecast have been revised downward compared with the October 2018 WEO by 0.1 percentage point for 2019 and 0.2 percentage point for 2020, respectively,". The World Economic Outlook believes that in India, continued implementation of structural and financial sector reforms with efforts to reduce public debt remain essential to secure the economy`s growth prospects. "In the near term, continued fiscal consolidation is needed to bring down India`s elevated public debt.
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