World Bank says India has huge potential, projects 7.3% growth in 2018

Posted by Daily Shipping Times on 11-01-2018        Tweet

WASHINGTON: With an "ambitious Government undertaking comprehensive reforms", India has "enormous growth potential" compared to other emerging economies, the World Bank said, as it projected Country's growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.

India, despite initial setbacks from demonetization and Goods and Services Tax (GST), is estimated to have grown at 6.7 per cent+ in 2017, according to the 2018 Global Economics Prospect released by the World Bank here.

"In all likelihood India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn't focus on the short-term numbers. I would look at the big picture for India and big picture is telling us that it has enormous potential," Ayhan Kose, Director, Development Prospects Group, World Bank, said.

He said in comparison with China, which is slowing, the World Bank is expecting India to gradually accelerate. "The growth numbers of the past three years were very healthy," Kose, author of the report, said.