NEW DELHI: India will remain the fastest growing economy in the world at 7.2 per cent in 2017-18 on the back of reforms, domestic consumption and improvement in trade, the World Bank today said.
In its May 2017 India Development Update. It suggested that a higher level of women participation in the economy can help propel the country closer to a double digit growth.
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 in November 2016. Demonetisation caused an immediate cash crunch. As a result, a modest slowdown is expected in Gross Domestic Product (GDP) growth in 2016-17 to 6.8 per cent, World Bank Country Director Junaid Ahmad said.
“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 report said. (AGENCIES)
Follow our WhatsApp channel