The economy, said the survey for 2017-18, will grow on the back of major reforms which would be strengthened further in the next financial year.
The Ecowrap report by the SBI, India’s largest public sector bank, said that the 8.4 per cent IIP (Index of Industrial Production) growth in November "is possibly no flash in the pan.
In a January 2 report, where it had first come out with the 7 per cent growth estimate for FY18, the bank had spoken about the note ban as the second factor apart from GST which had impacted the growth.
Finance Minister Arun Jaitley said that India stood as an exception in a world where most countries had started to increasingly look inwards.
PM Modi, in his today’s speech, is likely to hardsell India’s key economic reforms and quick jump in World Bank’s Ease of Doing Business rankings to invite global business players to come and ‘Make in India’.
PM Modi Modi on Monday told top CEOs at the opening ceremony of the World Economic Forum Summit 2018 that India means business and presents opportunity for the global business.
The IMF estimates for India are slightly better than the World Bank’s estimate of 7.3% for the next fiscal year made earlier this month.
Prime Minister Narendra Modi will today leave for Davos, Switzerland, to attend the 48th annual meeting of the World Economic Forum.
The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year, a new survey showed today, presenting a worrying picture of rising income inequality.
Raising women's participation in the labour force to the same level as men can boost India's GDP by 27 per cent, IMF Chief Christine Lagarde and Norway's Prime Minister Erna Solberg have said in a joint paper.
The agency claimed improvement in GDP growth from the current 6.5 per cent to 7.1 per cent will be buoyed by robust consumption demand and low commodity prices.
The 6.9 per cent growth rate beats economists' forecasts for China, the world's second largest economy and the Chinese government's own official growth target of 6.5 percent.
FM Arun Jaitley also said the honest tax payer are forced to pay higher taxes due to tax evaders, and once the tax payer base expands the tax rate can come down.
The report analyses development of modern industrial strategies and urges collaborative action.
Randeep Surjewala sarcastically said Modi had not even listened to the sound counsel of economists because "innate wisdom of Modinomics needs no counsel".
PM Modi will interact with leading economists and sectoral experts today to deliberate on economic policy roadmap for promoting growth and employment.
In a statement a day after estimates that GDP would be 6.5 per cent in 2017-18, party leader and former Union Finance Minister P. Chidambaram said the government's tall claims of India growing at a "robust" growth rate have evaporated in thin air.
Rajiv Kumar's remarks came after Chief Statistician T.C.A. Anant announced that Indian economy was expected to grow at a slower 6.5 per cent in 2017-18 compared to the 7.1 per cent in 2016-17.
Earlier, the country's GDP growth for the second quarter of the current fiscal ended September 30 was 6.3 per cent -- up from 5.7 per cent reported during the first quarter of 2017-18.
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