Economic growth likely to improve to 7-7.5 per cent in FY19: Economic Survey
As per an Economic Survey, India is expected to regain the world’s fastest growing major economy tag as it is likely to clock 7-7.5 per cent growth rate in 2018-19, up from 6.75 per cent in the current fiscal. Finance Minister Arun Jaitley tabled the survey in the Parliament on Monday. “A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world’s fastest growing major economy,” it said. India is likely to be rated among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging market and developing economies. It said the GDP growth had averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. “That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,” it said. -PTC News
