India will remain world’s fastest growing economy; Rising star says PwC

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Based on inputs by Meeta Bhatnagar

IMF, International Monetary Fund, in its update of the flagship World Economic Outlook released in Davos said that India will further build its lead as the world’s fastest-growing major economy. The Indian economy is expected to picks up pace in FY20 in times when global economy is forecast to be slow.

India’s GDP is forecast to expand 7.5% in FY20 and 7.7% in FY21. China’s growth is seen at 6.2% in both years.

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“India’s economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease,” the IMF said in its update of the flagship World Economic Outlook released in Davos.

The FY20 forecast has been raised by 0.1 percentage point from the projected outlook in October 2018. India’s Central Statistics Office expects gross domestic product to grow 7.2% in FY19, up from 6.7% last year, while the Reserve Bank of India has pegged it at 7.4%.

RISING STAR
India is the rising star on the list of most attractive investment markets, according to PricewaterhouseCoopers (doing business as PwC) annual “Global CEO Survey” released at the World Economic Forum in Davos on Monday.