The World Bank has estimated that India will be one of the fastest growing economies in the world in 2018-19. In a report released on Tuesday, the World Bank said that during the current financial year, India's Gross Domestic Product (GDP) will grow at 7.3 per cent. In comparison, China's growth is expected to be 6.3 percent only.
According to the report 'Global Economic Prospects: Darkening Skies', most economies of the world will be slow in this fiscal year. However, this report shows a bright picture for India and South Asian region.
The report of the World Bank on the decision of the Narendra Modi government to implement the Goods and Services Tax (GST) has stated, "In India, the recent initiation of GST and demonetization has encouraged the informal sectors to be transformed into a formal area. . "
Rapid growth in the economy
According to the World Bank, India's GDP will grow at 7.3 percent in 2018-19 It will reach 7.5 percent in the next two financial years. This increase in GDP is the result of increased consumption and investment. After the temporary slowdown due to demonetization and GST, the economy is recovering again.
The report of the World Bank states that in 2017 India's economy was declining due to GST and demonetization. China's growth rate was 6.9 percent in 2017, while India's GDP growth was 6.7 percent. Group director of World Bank Prospects, Ayhan Kose said that India's growth outlook is still strong. India is still the fastest growing major economy.Rajasthan Tourism App - Welcomes to the land of Sun, Sand and adventures