India forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
Business | January 07, 2019 21:35 ISTIndia forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
India forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
"Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19," it said.
The World Bank has forecast that India is projected to regain its position as the world’s fastest growing major economy advancing 7.3 per cent this fiscal year
At 11:40 am, the 30-scrip Sensitive Index (Sensex) was trading 214.44 points or 0.61 per cent higher. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 63.25 points or 0.60 per cent higher at 10,656.55 points.
The report added that India has overcome the temporary disruptions caused by the implementation of the Goods and Services Tax (GST) by mid-2017, and manufacturing output and industrial production have continued to firm.
Although the real GDP growth was moderated to 6.6 per cent from 7.1 per cent a year ago, there was a strong rebound in the second half of the year on the back of a turnaround in investment demand, he said.
The Budget for 2018-19 includes some measures that could stabilise the rural economy that was disproportionately hit by the demonetization policy and is yet to recover, it said.
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Finance Minister Arun Jaitley today described the Goods and Services Tax (GST) as a "win-win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods.
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