India growth story credible; GDP to grow at 7.3% in FY19: World Bank

NEW DELHI: The Indian economy is “credible” and expected to grow at 7.3 per cent next fiscal driven by private consumption, investment and exports, World Bank said today.

In 2019-20, it has projected the growth rate to be higher at 7.5 per cent.

For the current fiscal ending March 31, the Washington-based multi-lateral funding agency has projected the economy to grow at 6.7 per cent.

India’s growth has been credible over the long run with growth averaging at 7 per cent in the last decade, it said.

“India’s GDP growth saw a temporary dip in the last two quarters of 2016-17 and the first quarter of 2017-18 due to demonetisation and disruptions surrounding the initial implementation of GST (Goods and Services Tax),” World Bank said in its India Development Update.

“The GDP growth is projected to reach 6.7 per cent in 2017-18 and accelerate to 7.3 per cent and 7.5 per cent in 2018-19 and 2019-20 respectively,” it said. (AGENCIES)