Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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India is projected to grow at 7.3% in 2018 and 7.4% next year, the International Monetary Fund (IMF) said on Tuesday, predicting that the country will regain the tag of the world’s fastest growing major economy this year, surpassing China with more than 0.7 percentage points. In 2017, India had clocked a 6.7% growth rate. In India, important reforms have been implemented in the recent years, including the Goods and Services Tax (GST), the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business, the IMF said in its latest World Economic Outlook (WEO) report. “India’s growth is expected to increase to 7.3% in 2018 and 7.4% in 2019 (slightly lower than in the April 2018 World Economic Outlook for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7% in 2017,” it said. This acceleration reflected a rebound from transitory shocks (demonetisation and implementation of the GST), with strengthening investment and robust private consumption, it said. China was the fastest-growing economy in 2017. The IMF has lowered the growth projections for both India and China by 0.4 per cent and 0.32 per cent, respectively, from its annual April’s WEO.
