India to stay fastest growing economy

India to stay fastest growing economy


India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report has said.

According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6% in 2019-20 from an estimated 7.4% in the current fiscal ending March 2019. The growth rate may come down to 7.4% a year later.

In the case of China, the growth is estimated to decelerate to 6.3% in 2019 from 6.6% in 2018. It may further go down to 6.2% in 2020.

'Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.

'Yet, a more robust and sustained recovery of private investment remains crucial to lift the medium-term growth,' the WESP report said.