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India to Grow at 7.2% in FY17, Says World Bank Report

A World Bank report has projected India's economic growth at 7.2% in current fiscal year, up from 6.8% in 2016.

News18.com

Updated:April 17, 2017, 11:35 AM IST
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India to Grow at 7.2% in FY17, Says World Bank Report
The World Bank headquarters in Washington, DC. (Getty Images)
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New Delhi: A World Bank report has projected India's economic growth at 7.2% in current fiscal year, up from 6.8% in 2016.

The report, which was released on Sunday, also said the effects of demonetisation has waned.

It also projected growth to gather momentum by 2019 when the Indian economy is expected to expand by 7.7%. Several multilateral agencies have raised India's growth prospects.

"Timely and smooth implementation of the GST could prove to a significant benefit to economic activity. However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth," the report said.

The report suggested that a backlash against globalisation could benefit South Asia, including India, while saying possible protectionism in advanced economies should not deter export-oriented growth in South Asia.

It also found that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7% in 2016 to 6.8% in 2017, and 7.1% in 2018.

It claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies.

The report says that the region would even stand to gain if selective protectionism resulted in trade diversion from established suppliers. South Asian economies also stand to gain from the recovery in advanced economies, which are their largest export markets.​

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