India's GDP expected at 7.3 per cent in FY 2018-19, says World Bank
Business | January 09, 2019 6:36 IST"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.
India forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".
India reached 32.8 million children and 8.4 million pregnant women over the last three years under Mission Indradhaush, PM said.
Jaitley said the opposition went overboard on the issue of CBI versus CBI and it did have a lack of understanding of the issue.
India's GDP growth rate declined to 7.1 per cent during the July-September quarter, compared to April-June's 8.2 per cent, the official data had revealed on Friday.
The government data released Friday shows India's economy grew at 7.1 per cent in July-September, lowest in three quarters.
According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.
Jaitley said the CSO, in 2015, changed the way of calculating Gross Domestic Product (GDP). GDP growth rate estimates were revised from the year 2012-13 onwards with 2011-12 being the base year.
In the third quarter, China's GDP rose 6.5 per cent from a year ago, compared to a 6.7 per cent increase in the second quarter, the NBS said in a statement.
According to the survey, high growth is expected in cement and ceramics, capital goods, automotive and medical devices and technologies in Q2 2018-19.
The government's finances have shown improvement in July with fiscal deficit at 86.5 per cent of the Budget Estimate (BE), mainly on account of higher revenue collection, as per official data.
According to a report by the firm, the 8.2 per cent GDP growth for the April-June quarter of this year, though "encouraging", was largely owing to base effects.
CII President Rakesh Bharti Mittal noted that GST, reforms in Ease of Doing Business, FDI, labour, agriculture, and many other initiatives aimed at improving the overall investment climate.
According to the global financial services major, dissipating base effects, tighter financial conditions and limited fiscal headroom will come together to moderate growth this fiscal.
"Going forward, the base effect will not be so favourable. And when we reach Q3 and Q4, the rate of growth may decline and the annual growth rate may be more or less like last year's," he said on Twitter.
"India's GDP for the first quarter this year growing at 8.2 per cent in an otherwise environment of global turmoil represents the potential of New India," Jaitley said in a tweet.
Garg also expressed the hope that the country will meet its fiscal deficit target of 3.3 per cent and said both oil price hike and rupee depreciation are temporary.
The Q1 GDP growth, highest in last 15 quarters, cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.
"This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the fifth largest (economy)," Jaitley said.
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