Owing to the massive implementation of radical reforms across the country, India is reaching the pinnacle of growth and development. Not only have the public and ministers noticed the change, even the World Bank has officially set it on record.
India’s GDP to be 7.3% in 2018: World Bank
The World Bank said India’s growth rate is expected to be 7.3% in 2018 and 7.5% in the next two years.
In 2017, China grew at 6.8 percent, 0.1 percent more than that of India, while in 2018, its growth rate is projected at 6.4 percent. And in the next two years, the country’s growth rate will drop marginally to 6.3 and 6.2 percent, respectively.
China’s growth rate was 6.8% in 2017. However, it is expected to decline in 2018. In the coming years, experts are anticipating a decline in the growth rate. They are expecting the growth rate to decline to 6.3% to 6.2%.
This is what the World Bank said…
“India is a very large economy. It has a huge potential. At the same time, it has its own challenges. This government is very much aware of these challenges and is showing just doing its best in terms of dealing with them,” the World Bank official said.
Almost all DII’s and FII’s are making humungous investments in India. It is the Modi wave which has swept across the country. And it is the most fundamental reason for the world pinning high hopes to India.
World Bank Director Kose optimistic on India’s growth trajectory
World Bank Director Ayhan Kose told the media: “In all likelihood, India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn’t focus on the short-term numbers. I would look at the big picture for India and big picture is telling us that it has enormous potential,”
“On the productivity side, India has enormous potential with respect to secondary education completion rate. All in all, improved labor market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India’s prospects,” Kose added.