New Delhi, January 9: The World Bank on Wednesday stated that India will continue to remain the fastest growing major economy in the world in 2018-19 with its Gross Domestic Product (GDP) growing at 7.3 per cent during the financial year. In a report that was released on Tuesday, the World Bank said that in wake of the policy reforms and rebound in credit, India’s economy is forecast to expand in the next two years with 7.5 per cent during 2019-20 fiscal year.
The World Bank, however, in its report, painted a gloomy picture of the world economy. The report informed that the growth was projected to slow to 2.9 per cent for the current year, down from the estimated 3 per cent for the last year and to grow only by 2.8 per cent in the next two years. India's GDP Estimated to Grow at 7.2%; Agriculture and Manufacturing Among Accelerating Factors: CSO.
While India is believed to expand 7.3 per cent during 2018-19, China is expected to see a much lower growth rate of 6.3 per cent this fiscal. The report said, “India is forecast to accelerate to 7.5 per cent in the fiscal year 2019-20 as consumption remains robust and investment growth continues, and as (economic) activity benefits from recent policy reforms and a rebound in credit.” GDP Slumps to 7.1% During July-September 2018 Vs 8.2% in First Quarter.
According to a report by IANS, the World Bank’s Global Economic Prospects (GEP) report released on Tuesday kept the forecasts made for India in its June report for the next fiscal year and the 7.3 per cent estimate for the current fiscal year, up from 6.7 per cent recorded in 2017-18.