Home / Knowledge / News / Textiles / UN forecasts Indian economic growth at 7.3% in 2016
UN forecasts Indian economic growth at 7.3% in 2016
13
May '16
India's economy is projected to grow by 7.3 per cent this year despite delays in domestic policy reforms, according to the UN's World Economic Situation and Prospect report.

The World Economic Situation and Prospect report, in its mid-2016 update, said India is expected to achieve a 7.5 per cent GDP growth in 2017 and the economic prospects of the South Asian region will be “contingent” on the growth trajectory of India and Iran. The growth estimates for India in the mid-year update are in line with projections made in January this year.

“India's economy is slowly gaining momentum, with an expected GDP growth of 7.3 and 7.5 per cent in 2016 and 2017, respectively. Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships,” the report said.

According to the report produced jointly by the UN Department of Economic and Social Affairs (UNDESA) and the UN Conference on Trade and Development (UNCTAD), China, which grew at about 6.9 per cent in 2015, will continue to witness slowdown in growth, with its GDP projected to grow 6.4 per cent in 2016 and 6.5 per cent in 2017.

In January, the 2016 World Economic Situation and Prospect report had said that India will be the world's fastest growing large economy at 7.3 per cent in 2016, improving further to 7.5 per cent in the following year.

India's economy, which accounts for over 70 per cent of South Asia's GDP, had grown by about 7.2 per cent in 2015.

The report noted that despite the protracted instabilities and general weakness of the global economy, South Asia's economic outlook remains favourable, with most countries benefiting from low oil prices.

Regional GDP growth is expected to accelerate from 6.1 per cent in 2015 to 6.6 this year and 6.8 per cent in 2017, owing to robust private consumption, strengthening investment demand and gradual progress on domestic policy reforms.

Inflation in South Asia is projected to remain relatively tame, reflecting subdued commodity prices and lower pressures from supply-side bottlenecks. “This has increased monetary policy space, with prospects for further easing in some economies, including India,” it said.

The report, however, said the favourable outlook for South Asia notwithstanding, economies in the region confront several domestic downside risks, including setbacks in reform agendas and political instabilities. “Structural issues like energy shortages, low participation of women in labour force and infrastructure gaps remain major regional challenges,” it said.


Must ReadView All

Sri Lanka to set up 150 mini apparel units

Apparel/Garments | On 23rd Nov 2017

Sri Lanka to set up 150 mini apparel units

A mini apparel factory was opened recently at Sri Lanka’s Menik Farm...

Egypt keen to boost ties with India in MSMEs, textiles

Textiles | On 23rd Nov 2017

Egypt keen to boost ties with India in MSMEs, textiles

Egypt is eager to boost cooperation with India, particularly in the...

India begins review of anti-dumping duty on caustic soda

Textiles | On 23rd Nov 2017

India begins review of anti-dumping duty on caustic soda

The Directorate General of Anti-Dumping & Allied Duties (DGAD), under ...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search