The World Bank said today that with "ambitious government undertaking comprehensive reforms", India has "enormous growth potential" in comparison with other emerging economies. It projects a growth rate of 7.3% for 2018 and 7.5% for the next two years reported PTI.
Despite setbacks from GST (Goods and Service Tax and demonetization, is it estimated that India has grown at 6.7% in 2017, as per the 2018 Global Economics Prospect released by the World Bank.
Ayhan Kose, Director, Development Prospects Group, World Bank, told PTI in an interview that "the growth numbers of the past three years were very healthy," and he expects India to gradually accelerate in comparison with China, which is slowing.
China grew at 6.8% in 2017, which is 0.1% more than India and its growth in 2018 is projected to at 6.4%. The growth is projected to drop further in the next two years to 6.3% and 6.4% respectively.
He further said that reducing youth employment, pushing private investment in problematic areas and increasing women labor force participation is going to be important for the growth.