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Indian economy may grow by 7.2% in 2018, 7.4% in 2019: UN
Dec '17
Indian economy may grow by 7.2% in 2018, 7.4% in 2019: UN
The growth rate of India's economy is expected to rise from this year's 6.7 per cent to 7.2 per cent next year and 7.4 per cent in 2019 making it again the fastest-growing major economy, the United Nations said in its World Economic Situation and Prospects 2018 report. The projection for India for 2018 released by the UN in May was, however, 7.9 per cent.

China's witnessed a 6.8 per cent economic growth this year, but its growth projections are 6.5 per cent next year and 6.3 per cent in 2019, a news agency reported citing the UN report, which painted an overall rosier outlook for the world economy.

"Despite the slowdown observed in early 2017 and the lingering effects from the demonetization policy, the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms," according to the report.

India's fiscal deficit has visibly declined and in 2018, it is expected to reduce further to 3.2 per cent of gross domestic product (GDP) in 2018, said the report, which warned that ‘the anaemic performance’ of private investment in the country remains a key macroeconomic concern.

It also said that there was ‘some degree of uncertainty’ over the monetary policy stance in India. (DS)

Fibre2Fashion News Desk – India

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