India to grow at 7.3 per cent in FY19

World Bank Projects India's GDP Growth At 7.3 Per Cent For FY19

Deloitte's Voice of Asia report, released on Wednesday, expects faster than expected growth for Indian economy against the backdrop of increasing crude oil prices, trade protectionism posing major challengeand volatile market conditions.

The report states that the Indian economy is set to revert to its trend growth rate of 7.5 percent in the coming years as it bottoms out from the impact of GST and demonetization.

The World Bank today projected India's GDP growth at 7.3 per cent for the next financial year, adding that the growth will accelerate further to 7.5 per cent in fiscal 2019-20.

World Bank's publication "India Development Update" has noted realistic signs of a further uptick in Indian economic growth.

However, the World Bank said India would need to boost its private investments and exports, as well as improve credit growth.

The report also pointed out that attaining a growth of 8 percent or higher on a sustained basis is dependent on the effective implementation of the existing structural reforms, aimed at resolving issues related to credit and investment and making India's exports competitive.

"Yet another highlight is the resilience of India's growth", Mr Ahmed said.

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The Narendra Modi government had scrapped currency notes of Rs 500 and Rs 1,000 denomination in November 2016, which led to a significant disruption in economic activity in India.

The report also said that 2017-18 remained yet another challenging year for Indian banks, with subdued credit growth and continued stress on asset quality. "Key to success is a policy design that minimizes compliance burden, for example by minimizing the number of different rates and limiting exemptions, with simple laws and procedures, an appropriately structured and resourced administration, compliance strategies based on a balanced mix of education and assistance programs and risk-based audit programs", it said.

"While services will continue to remain the main driver of economic growth, industrial activity is poised to grow, with manufacturing expected to accelerate following the implementation of the GST, and agriculture will likely grow at its long-term average growth rate", it said. "Resorting to countercyclical policies will not help spur sustained growth and India should not compromise its hard-earned fiscal discipline in order to accelerate growth", she added.

The Central Statistics Office predicted GDP growth to be 6.6% in the current financial year.

The Economic Survey tabled in parliament has projected a growth rate of 7 to 7.5% in the 2018-19 financial year.

The rating agency said that India's Union Budget 2018-19, starting from April, envisages a sluggish pace of fiscal consolidation and, as a result, should back the short-term growth outlook.

The World Bank Report points to macroeconomic constancy of the Indian economy.

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