India's growth is expected to increase to 7.3% in 2018 and to 7.4% in 2019 (slightly lower than in the April 2018 World Economic Outlook (WEO) for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7% in 2017, the International Monetary Fund (IMF) said in its latest World Economic Outlook report. This acceleration reflected a rebound from transitory shocks (the currency exchange initiative and implementation of the national Goods and Services Tax), with strengthening investment and robust private consumption.
India's medium-term growth prospects remain strong at 7.75%, benefiting from ongoing structural reform, but have been marked down by just under 50 percentage point relative to the April 2018 WEO, the fund noted. If projections are true, then India would likely retain the tag of fastest growing major economies of the world.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)