World Bank retains India growth forecast at 7.5%

TIL Desk/Business/New Delhi/ India is projected to grow at 7.5 per cent in the next three years supported by robust investment and private consumption, the World Bank has said. The Bank in its Global Economic Prospects released on Tuesday said that India is estimated to have grown 7.2 per cent in fiscal year 2018/19, which ended March 31.

A slowdown in government consumption was offset by solid investment, which benefitted from public infrastructure spending. As against a growth rate of 6.6 per cent in 2018, China’s growth rate in 2019 is projected to be dropped to 6.2 per cent and then subsequently to 6.1 per cent in 2020 and 6 per cent in 2021, the bank said.

With this India will continue to retain the position of being the fastest growing emerging economy. And by 2021, its growth rate is projected to be 1.5 per cent more than China’s 6 per cent. According to the World Bank, growth in India is projected at 7.5 per cent in Fiscal Year 2019/20 (April 1, 2019 to March 31, 2020), unchanged from the previous forecast, and to stay at this pace through the next two fiscal years.