India which recently lost its tag of the fastest growing major economy is soon to regain the tag riding on the major economic reforms introduced by the government, the economic survey said.
According to the Economy survey, India is expected to clock 7-7.5 per cent growth rate in 2018-19, up from 6.75 percent in the current fiscal year.
The survey was tabled in Parliament by Finance Minister Arun Jaitley.
“A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7 to 7.5 percent in 2018-19, thereby reinstating India as the world’s fastest-growing major economy,” it said.
It’s THAT time of the year. Coming Monday, January 29 afternoon, this year’s Economic Survey of India to be tabled in parliament by Finance Minister @arunjaitley. Follow #economicsurvey18. Survey-dedicated webpage to be announced soon. Happy reading!
— arvind subramanian (@arvindsubraman) January 27, 2018
He also said that India is going to achieve great growth in 2018-19 owing to the reforms introduced in 2017-18.
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Th survey also noted that India’s average growth in the last 3 years is 4 percentage points higher than the global growth and nearly 3 percentage points higher than that of emerging market and developing economies.
The Economy survey also points out that It said that the GDP growth has averaged 7.3 percent from 2014-15 to 2017-18, which is the highest among the major economies of the world.
“That this growth has been achieved in a milieu of lower inflation, improved current account balance and a notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,” it said.
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