• RCS Ottawa

World Bank pegs India’s economic growth at 7.2 per cent this financial year


Pegging India’s GDP growth at 7.2 per cent in 2017-18 on account of reforms, domestic consumption, and improvement in trade, the World Bank on Monday said that there were signs of a slowdown in early part of last fiscal but a favourable monsoon lifted the economy before being temporarily hit due to demonetisation.

“India remains the fastest growing economy in the world and it will get a big boost from its approach to GST which will reduce the cost of doing business for firms, reduce logistics costs of moving goods across states, while ensuring no loss in equity,” said Junaid Ahmad, World Bank country director in India, adding that overall the impact of GST on equity and poverty is likely to be positive.

Ahmad also said that as a result of the immediate cash crunch on account of demonetisation, a modest slowdown is expected in GDP growth in 2016-17 to 6.8 per cent. “Growth is expected to recover in 2017-18 to 7.2 per cent and is projected to gradually increase to 7.7 per cent in 2019-20,” the World Bank said in its May 2017 India Development Update report, which was released on Monday.


#India

1 view0 comments

Recent Posts

See All

Commonwealth Youth Profile - Aniqah Zowmi

Canadian Aniqah Zowmi brings expertise and passion for helping governments and civic organisations embrace equality and diversity and achieve full inclusion at levels. She is currently the director of

mRNA the innovation behind Pfizer and Moderna vaccines

Messenger RNA (mRNA) is a pivotal molecule of life, involved in almost all aspects of cell biology. The last decade has seen improvements in the delivery of a new class of mRNA drugs. In molecular bi

RCS Ottawa

Basil Crozier - Chair

Chair@rcs-ottawa.ca 

© 2020 By Royal Commonwealth Society Ottawa  Charity# 119128916RR0001

established 1968