Indian economy projected to grow 7.6% in 2018-19: UN

Indian economy projected to grow 7.6% in 2018-19: UN

India’s economy is projected to grow 7.6% in fiscal year 2018-19, remaining the fastest growing economy in the world, as robust private consumption and benefits from past reforms help the country’s GDP gain momentum but sustained recovery in private investment remains a crucial challenge, according to a UN report.

The UN World Economic Situation and Prospects (WESP) as of mid-2018, launched at United Nations on Thursday, said GDP growth in India is expected to climb to 7.5 and 7.6% in fiscal years 2017-18 and 2018-19 respectively.

This is a substantial recovery from the 6.7% growth India registered in fiscal year 2017. “Among the major economies, growth in India is gaining momentum, underpinned by robust private consumption, a slightly more supportive fiscal stance and benefits from past reforms,” the report said.

It added that although capital spending has shown signs of revival, a more widespread and sustained recovery in private investment remains a crucial challenge in India. In China, growth is expected to remain solid, supported by robust consumer spending and supportive fiscal policies. Read More

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