In the fiscal year 2018-19, the World Bank has forecasted India's gross domestic product (GDP) to grow at 7.3 percent and 7.5 percent for the next two years attributed to an increase in consumption and investment. The bank said India would continue to be the fastest growing major economy in the world.
The country's competitor China's economic growth is projected to be slowed down to 6.2 percent each in 2019 and 2020 and 6 percent in 2021, as per the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.
In 2018, the Chinese economy is estimated to have grown by 6.5 percent which is slower than India's 7.3 percent. In 2017, China was marginally ahead of India at 6.9 percent growth when compared to the latter's 6.7 percent. The Indian economy slowed down that mainly due to demonetization and implementation of the Goods and Services Tax (GST), the report said.
India's growth outlook is still robust. India is still the fastest-growing major economy," World Bank Prospects Group Director Ayhan Kose told PTI in an interview.
It expects the country's investments to pick up and consumption to remain strong, and pointed out that India had registered a pick up in doing business ranking.