India projected to grow at 7.5 per cent for three years: World Bank

India projected to grow at 7.5 per cent ...

India's economy is projected to grow at 7.5 per cent in the next three years, supported by robust investment and private consumption, the World Bank has forecast, in some good news to the new Indian government.

The bank in its Global Economic Prospects relea-sed on Tuesday said India is estimated to have grown 7.2 per cent in fiscal year 2018-19. A slowdown in government consumption was offset by solid investment, which benefitted from public infrastructure spending.

As against a growth rate of 6.6 per cent in 2018, China's growth rate in 2019 is projected to be dropped to 6.2 per cent and then subsequently to 6.1 per cent in 2020 and 6 per cent in 2021, the World Bank said.

With this, India will continue to retain the position of being the fastest growing emerging economy. And by 2021, its growth rate is projected to be 1.5 per cent more than China's 6 per cent.

The World Bank's report came as a good news for India days after data from Central Statistics Office (CSO) showed that India's economic growth slowed to a five-year low of 5.8 per cent in fourth quarter of 2018-19, pushing the country behind China.

The decline in the economic activity has been attributed by the CSO to steep decline in growth in agriculture and manufacturing sectors.

According to the World Bank, growth in India is projected at 7.5 per cent in fiscal year 2019/20 (April 1, 2019 to March 31, 2020), unchanged from the previous forecast, and to stay at this pace through the next two fiscal years.

"Private consumption and investment will benefit from strengthening credit growth amid more accommodative monetary policy, with inflation having fallen below the RBI’s target," it said. Support from delays in planned fiscal consolidation should partially offset the effects of political uncertainty around elections, it said.


PostedOn: 06 Jun 2019 Total Views: 211




Did Not Receive Your Income Tax Refund Y...

Did Not Receive Your Income Tax Refund Yet? What N...

Are you worried about why you have not yet received your income tax refund? Despite submitting your income tax return (ITR) within the due date of the assessment year 2019-20? There could be several reasons for it. However, a common reason could be to provide incorrect bank account details on the IT...

21 Oct 2019

'Negotiations going in full speed': Sith...

'Negotiations going in full speed': Sitharaman on ...

Union Finance Minister Nirmala Sitharaman on Sunday said negotiations between India and the United States on a trade deal are going on in "full speed" and expressed hope that it will conclude soon. The ongoing trade deal negotiations briefly came up for discussion during a pull aside between Sithara...

20 Oct 2019

Bharti Airtel to acquire 26 per cent sta...

Bharti Airtel to acquire 26 per cent stake in AMPS...

Telecom operator Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 per cent stake in the solar power firm for Rs 8.4 crore. The Sunil Bharti Mittal-led firm has signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well...

20 Oct 2019

Swiggy to be Third largest source Of Emp...

Swiggy to be Third largest source Of Employment: F...

One of the major food delivery companies named Swiggy is all set to recruit three lakhs employees in the next 18 months, which will make it to a total of 5 lakh employees. At present, Swiggy has about 2.1 lakh employees operating across the country. Of which 8000 employees come in the corporate sect...

19 Oct 2019

IMF Says Corporate Income Tax Cut Will H...

IMF Says Corporate Income Tax Cut Will Help Revive...

The International Monetary Fund on Friday supported India's recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. "We believe India ...

19 Oct 2019

RIL creates history, becomes first India...

RIL creates history, becomes first Indian co to hi...

Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 lakh crore market valuation mark. During late morning trade on BSE, the company's market capitalisation (m-cap) was Rs 9,01,490.09 crore. The scrip of the country's most-valued comp...

18 Oct 2019

India among fastest growing economy desp...

India among fastest growing economy despite IMF's ...

India remains among the fastest growing economies of the world and efforts are being made to make it grow faster, Union Finance Minister Nirmala Sitharaman has said. The International Monetary Fund (IMF) has projected a reduced growth rate for India, but the country's economy is "still growing as th...

18 Oct 2019

SC dismisses plea by PMC account holders...

SC dismisses plea by PMC account holders over cash...

The Supreme Court on Friday refused to entertain a plea filed on behalf of scam-hit PMC Bank account holders seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this pe...

18 Oct 2019