As per World Bank’s forecast, the GDP of India is expected to grow at 7.3% in the fiscal year 2018-19 and 7.5% in the following two years.
This is well attributed to an upswing in consumption and investment. The country will also continue to grow as the fastest major economy.
On the other hand, the economic growth of another major Asian giant, China is projected to slow down to 6.2% both in 2019 and 2020 and 6% in 2021. This has been released in the January 2019 Global Economic Prospects report by the World Bank.
As compared to India’s growth rate of 7.3%, in 2018, the Chinese economy is estimated to have grown by 6.5% and in 2017; the growth of China was marginally ahead of India’s 6.7% at 6.9%.
This was basically because of the slowdown in the economic growth of India owing to demonetization and the implementation of the Good and Services tax (GST).
Looking at the current market scenario, India’s growth outlook is still robust and it continues to grow as the fastest major economy.
The consumption pattern of the domestic market here is quite strong and the investment is also picking up the trends faster. India is therefore, expected to grow 7.3% in the fiscal year 018-019 and average 7.5% in 2019 and 2020.
The ease of doing business ranking for India gained quite a bit of pick up and that points towards the growth momentum of the country.
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