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

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Divvya and Nidhhi Gambhir
Walnut

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

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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