Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Indian Economy to Grow 7.2 Percent in 2017: World Bank

World Bank has revised India’s growth figures by 0.4 percentage points as compared to its January forecast

PTI

Updated:June 5, 2017, 11:19 AM IST
facebookTwitterskypewhatsapp
Indian Economy to Grow 7.2 Percent in 2017: World Bank
Telangana and Haryana are placed at second and third positions respectively. (Photo for representation)
Loading...

Washington: Noting that India is recovering from the temporary adverse effects of demonetisation, the World Bank has projected a strong 7.2% growth rate for India this year against 6.8% growth in 2016.

Even as the World Bank has revised India’s growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.

The growth projections for China remain unchanged at 6.5% for 2017 and then 6.3% for the next two years 2018 and 2019. The World Bank in its latest Global Economic Prospects, projects Indias growth to 7.5% in 2018 and 7.75% in 2019.

In both the years, the forecast has been downgraded by 0.3 per cent and 0.1 percentage points as compared to the January 2017 forecast.

“A downgrade to India’s fast pace of expansion,” the World Bank said, is “mainly reflecting a softer-than-expected recovery in private investment. In 2016, in India, activity was underpinned by favourable monsoon rains that supported agriculture and rural consumption, an increase in infrastructure spending, and robust government consumption,” the report said.

“In India, recent data indicates a rebound this year, with the easing of cash shortages and rising exports. An increase in government spending in India, including on capital formation, has partially offset soft private investment,” the report said.

“While manufacturing Purchasing Managers Indexes have generally picked up, industrial production has been mixed,” the Bank said in its latest report.

Observing that India's growth is forecast to increase to 7.2% in FY2017 and accelerate to 7.7% by 2019, is slightly below previous projections, the Bank said this outlook mainly reflects a more protracted recovery in private investment than previously envisaged.

“Nonetheless, domestic demand is expected to remain strong, supported by ongoing policy reforms, especially the introduction of the nationwide Goods and Services Tax (GST),” it said.

“Significant gains by the ruling party in state elections should support the government’s economic reform agenda, which aims at unlocking supply constraints, and creating a business environment that is more conducive to private investment,” the Bank said.

M Ayhan Kose, Director of the World Bank Groups Development Prospects Group, in response to a question, underscored the need of reforms in the banking sector. “The government has especially taken steps to address the banking sector weakness, but that remains on the to-do list,” Kose said.

“Second (to do list) of course (is the initiative by the government to remove some of the public investments, exactly the right thing to do to stimulate - to try to reinvigorate - private investment, which has been weak,” the Bank official said in response to a question.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Aakarshuk Sarna
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 2,049.30 3.78
Maruti Suzuki 6,591.95 10.39
ICICI Bank 417.50 7.99
HDFC Bank 1,199.60 8.95
Reliance 1,254.35 6.39
Company Price Change %Gain
Astral Poly Tec 1,213.70 5.25
HDFC 2,052.10 3.92
SBI Life Insura 815.85 1.73
Zee Entertain 301.10 -2.49
Maruti Suzuki 6,585.25 10.89
Top Gainers
Company Price Change %Gain
Eicher Motors 17,860.20 13.38
Hero Motocorp 2,862.90 13.06
IndusInd Bank 1,419.60 10.71
UltraTechCement 4,269.65 10.43
Maruti Suzuki 6,591.95 10.39
Company Price Change %Gain
Hero Motocorp 2,866.50 13.19
Maruti Suzuki 6,585.25 10.89
IndusInd Bank 1,419.60 10.74
Bajaj Finance 3,705.60 10.19
SBI 301.70 10.09
Top Losers
Company Price Change %Gain
Power Grid Corp 196.20 -2.46
Zee Entertain 301.40 -2.41
Infosys 805.00 -1.91
TCS 2,065.45 -1.74
NTPC 119.85 -1.52
Company Price Change %Gain
Power Grid Corp 196.35 -2.39
Infosys 805.10 -1.94
TCS 2,065.60 -1.74
NTPC 119.90 -1.52

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results