World Bank has projected a growth of 7.3 percent next fiscal (2018-19) to be led by private consumption, investments and exports. For the period (2019-2020), World Bank foresees a growth higher than 7.5 percent. For the current fiscal ending March 31, the Washington-based multi-lateral funding agency has projected the economy to grow at 6.7 per cent.

The report states that in the last two quarters of 2016-17 and the first quarter of 2017-18, India’s GDP growth saw a fall owing to demonetization and initial confusion around the implementation of Goods and Services Tax (GST).

According to a report on PTI, on being asked about the USD 2 billion banking sector fraud which has been unearthed at Punjab National Bank (PNB) recently, World Bank said it is a standalone case and the investment decisions are long term which are taken well in advance. Poonam Gupta, the Lead Economist and the main author of the report said that durable revival in private investments and exports would be crucial for India achieving a sustained high growth of 8 per cent and over.

However, unlike Economic Survey, which cited rising oil prices as a risk to economic growth, inflation and current account deficit, World Bank highlighted that 'oil price seem less of a risk for now, unless the outlook changes dramatically.'

(The above story first appeared on LatestLY on Mar 15, 2018 09:31 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).