India likely to grow by 7.7% in FY 2017: UN

India is projected to grow by 7.7 per cent in fiscal 2017, remaining the fastest growing large developing economy

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A United Nations report has said that India is projected to grow by 7.7 per cent in fiscal 2017, remaining the fastest growing large developing economy, as it benefits from strong private consumption and gradual introduction of significant domestic reforms.

India likely to grow by 7.7% in FY 2017: UN

The United Nations World Economic Situation and Prospects (WESP) 2017 report said India's economy is projected to grow by 7.7 per cent in fiscal year 2017 and 7.6 per cent in 2018, benefiting from strong private consumption. It however cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term.

As per reports, UN's flagship publication on expected trends in the global economy, comes just a day after the International Monetary Fund cut India's growth rate for the current fiscal year to 6.6 per cent from its previous estimate of 7.6 per cent due to the "temporary negative consumption shock" of demonetisation.

Read more about: united nations, economy, growth
Story first published: Wednesday, January 18, 2017, 12:50 [IST]
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