ME News Bureau: Narendra Modi govt got a huge boost amid talks of an economic slowdown as the World Bank predicted a huge growth ahead for India.
The World Bank described India has “enormous growth potential” compared to other emerging economies with the implementation of comprehensive reforms. This will give added confidence for the BJP government under Modi who already faces criticism due to the decline in growth.
World Bank expects India to record a growth of 7.3 in 2018 and 7.5 in the next two years as a result of the economic reforms.
The debatable demonetization which banned Rs 500 and Rs 1000 from the country’s market led to a marginal growth of 6.3 in 2017.
“India records huge growth compared to other markets. This change will be identified in the next decade. Don’t consider the short-term figures. India’s bigger picture lies ahead”, says Ayhan Kose, Director, Development Prospects Group.
Mr. Kose also said that China shows lack of pace in growth while India grows faster.
China’s growth was 6.8 in 2017, just 0.1 more than India’s figures. China’s growth rate is being predicted as 6.4 in 2018 and 6.3, 6.2 in the later years. This will give huge chance for India to overtake the Asian giant to become the economic superpower in the continent.
