Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
June 28, Wednesday 2017 7:41 PM       

       HEADLINES: Attack on actress: Govt is with the victim, says Kodiyeri                                              Pulsar Suni hid phone in kitchen                                              Half done things will be completed, says Behera                                              Dileep’s remark against actress mysterious, says Women’s commission                                              'Suni offered Rs 2 lakh to blackmail Dileep'                                              Operations at Jawaharlal Nehru port in Mumbai hit by ransomware                                              Aadhaar-PAN linking must from July 1, govt notifies rules                                              JIT to interrogate Sharif's daughter Maryam Nawaz in Panama case                                              China claims Indian troops crossed border, blocks pilgrims                                              Modi, Trump vow to fight terrorism                                              Abducted priest seen alive as Islamists hold out in Philippines                                              Macron says France will not recognise Crimea 'annexation'                                              Bumrah rises to second spot in T20 rankings                                              India finish second in Junior Shooting World Championship                                              Kumble-Kohli rift should've been handled better: Ganguly                                              Aditi Ashok records career-best finish on LPGA tour                                              Jeevan's life: lucky, unlucky and lucky again                                              Kaumudi Facebook
       BUSINESS Next Article: Use of domestic steel may be mandatory for govt infra projects  
       India to grow at 7.4% in FY18 on reforms,consumption boost: ADB
 
         Posted on :21:48:13 Apr 6, 2017
   
A A
       Last edited on:21:48:13 Apr 6, 2017
         Tags: India to grow at 7.4% in FY18 on reforms,cons
 
NEW DELHI: India is expected to grow at an accelerated pace of 7.4 per cent in 2017-18, which will continue to be the fastest-growing major economy in the world, ahead of China, the Asian Development Bank (ADB) said today.
 
On the back of reforms initiatives being taken by the government, India's growth rate will improve further to 7.6 per cent in 2018-19, ADB's flagship publication Asia Development Outlook (ADO) said.
 
"An array of important economic reforms have propelled India's economic success in recent years," Yasuyuki Sawada, ADB's Chief Economist, said in a statement.
 
"A continued commitment to reforms, especially in the banking sector, will help India maintain its status as the world's fastest growing major economy," Sawada said.
 
India, however, may witness firming up of inflation on an expected spike in crude oil prices in global market, it said.
 
"The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country," said the report.
 
India recorded a growth rate of 7.1 per cent in 2016-17, despite fears that demonetisation of high-value currency notes of Rs 500 and Rs 1,000 in November last year would choke economic growth.
 
"In India, the sub-region's largest economy, growth is expected to pick up to 7.4 per cent in fiscal year (2017-18) and 7.6 per cent in 2018-19, following the 7.1 per cent registered last fiscal," the report said.
 
China, on the other hand, the report said will witness slowdown, with growth projected to slip to 6.5 per cent in 2017 and 6.2 per cent in 2018, down from 6.7 per cent in 2016.
 
India, which overtook China in terms of growth in 2015-16, is on course to remain the fastest growing major economy in the world.
 
"For the third consecutive year, India's growth rate was over 7 per cent. This growth was aided by robust performance of manufacturing and agricultural sector helped by good monsoon. Going forward, it continues to be one of the fastest growing major economies of the world," Abhijit Sen Gupta, Senior Economist, ADB, said at a media briefing here.
 
"Growth is projected to pick up in 2017-18, primarily on higher consumption. Public and private investment is expected to contribute to economic growth. It will edge up further next fiscal with continued deleveraging and as the government works to strengthen balancesheet of state-owned banks," he said.
 
Payouts after the 7th Pay Commission will stoke private consumption demand, both from central and state government employees, he added.
 
Over the last few years, India has taken a host of economic reforms initiatives, including the goods and services tax (GST) and liberalisation of the FDI regime, with a view to improving business climate and promoting growth. GST is expected to be rolled out from July 1.
 
The ADB expects India's consumer price inflation or retail inflation to inch up to 5.2 per cent in the current fiscal and further to 5.4 per cent next year as global oil prices are forecast to move up.
 
With global crude prices expected to harden by 20 per cent this year and most domestic fuel prices becoming deregulated, fuel inflation is expected to firm up by 10-20 basis points.
 
This likelihood of a spike in inflation leaves less room for the Reserve Bank to cut interest rates, Sen Gupta said.
 
The report further predicted that South Asia will remain the fastest-growing of all sub-regions, with growth reaching 7 per cent in 2017 and 7.2 per cent in 2018.
 
On the future prospects, it said that in two-thirds of economies in developing Asia, growth is being supported by higher external demand, rebounding global commodity prices, and domestic reforms, making the region the largest single contributor to global expansion at 60 per cent.
A A
       BUSINESS
Next Article: Use of domestic steel may be mandatory for govt infra projects
 
 
BUSINESS HEADLINES
EU fines Google $2.72 bn for breaching antitrust rules  
Sensex drops most in one month, banks take a beating  
Sensex, Nifty take a selling hit, reverse gear  
EU to slap Google with record fine this week: sources  
Kerala govt investing Rs 50,000 cr on infra projects: Issac  
AI privatisation welcome but clear salary dues first: Pilots  
Rupee halts 3-day slide v/s USD; up 7 paise at 64.52  
Spice GST Suvidha provider is all geared up for July 1st  
Sensex tumbles 153 pts on profit-booking  
Sensex hits all-time high of 31,522  
RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
Sensex closes higher, Nifty advances as inflation cools  
RBI issues new Rs.500 bank notes with inset letter 'A'  
 
Do you think there is conspiracy against Dileep?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy