BackIndia reclaiming place as growth leader, says IMF
India is reclaiming its place as a growth leader after a short slowdown, David Lipton, first deputy managing director of IMF, says
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New Delhi: After a short period of slowdown in the economy, India is reclaiming its place as a growth leader, first deputy managing director of the International Monetary Fund (IMF) David Lipton said on Monday.
Addressing the Asian Financial Forum, Hong Kong, he also said that right now, the sun is shining on the global economy and capital-intensive investment and consumer demand are rising. “India is reclaiming its place as a growth leader after a short slowdown," the IMF quoted Lipton as saying.
With strong consumption and investment, rising exports, and steady capital inflows, the outlook for Asian region remains bright, he added. Recently, World Bank had also projected India’s growth rate in 2018 at 7.3% and 7.5% in the next two years.
India is estimated to have grown at 6.7% in 2017 despite initial setbacks from demonetisation and the goods and services tax (GST), according to the 2018 Global Economics Prospect released by the World Bank recently.
According to World Bank, China grew at 6.8% in 2017, 0.1% more than that of India, while in 2018, its growth rate is projected at 6.4%. And in the next two years, the country’s growth rate will drop marginally to 6.3 and 6.2%, respectively.
According to Central Statistics Office (CSO), India’s economic growth is expected to slow to a four-year low of 6.5% in the 2017-18 fiscal, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.
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