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IMF projects India’s growth at 7.3% in 2018, 7.4% next year

Wednesday, October 10, 2018

India is projected to grow at 7.3% in 2018 and 7.4% next year, the IMF said yesterday, 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 International Monetary Fund (IMF) said in its latest World Economic Outlook (WEO) report.

"India's growth is expected to increase to 7.3 per cent in 2018 and 7.4 per cent in 2019 (slightly lower than in the April 2018 World Economic Outlook (WEO) for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7 per cent in 2017," it said in the WEO report.

This acceleration, the world body said, reflected a rebound from transitory shocks (the currency exchange initiative and implementation of the GST), with strengthening investment and robust private consumption.

India's medium-term growth prospects remain strong at 7¾%, benefiting from the ongoing structural reforms, but have been marked down by just under a half percentage point relative to the April 2018 WEO, it said.

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