Indian economy on track to maintain high growth rate: Finance Ministry

Posted by Daily Shipping Times on 04-01-2019        Tweet

NEW DELHI: The Indian economy is projected to be the fastest-growing major economy in the current and upcoming fiscal 2019-20, the Finance Ministry said while emphasising that the Government has taken several steps to boost investors' confidence.

According to a recent World Bank report, India has improved its ranking in the Ease of Doing Business to 77th in 2018. The average growth of the Indian economy between 2014-15 and 2017-18 was 7.3 per cent, fastest among the major economies in the world, the Ministry said in Year End Review 2018.

"Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19," it said.

The Indian economy is on track to maintain a high growth rate in the current global environment, it added. Highlighting various initiatives taken to improve the confidence and boost the growth of the Indian economy, it said there were measures to boost manufacturing, comprehensive reforms in the foreign direct investment policy, special package for the textile industry, push to infrastructure development by giving infrastructure status to affordable housing and focus on coastal connectivity.