WB : 7.2% growth rate for India |
India remains the fastest growing major economy in the world even in spite the World Bank having revised India`s growth figures by 0.4 percentage points as compared to its January forecast. The growth projections for China remains unchanged at 6.5 per cent for 2017 and then 6.3 per cent for the next two years 2018 and 2019. The World Bank in its latest Global Economic Prospects, projects India`s growth to 7.5 per cent in 2018 and 7.7 per cent in 2019.In both the years, the forecast has been downgraded by 0.3 per cent and 0.1 percentage points as compared to the January 2017 forecast. A downgrade to India`s fast pace of expansion is mainly reflecting a softer-than-expected recovery in private investment.In 2016, in India, activity was underpinned by favourable monsoon rains that supported agriculture and rural consumption, an increase in infrastructure spending, and robust government consumption. In India, recent data indicate a rebound this year, with the easing of cash shortages and rising exports. An increase in government spending in India, including on capital formation, has partially offset soft private investment. While manufacturing Purchasing Managers` Indexes have generally picked up, industrial production has been mixed.
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