Published: Tue, April 17, 2018
People | By Leon Thompson

World Bank predicts 7.3% growth for India

World Bank predicts 7.3% growth for India

"Various interventions in soil and water management will improve the availability and reliability of water sources for drinking, empower communities to make the best use of their natural resources and accelerate economic growth and well-being of every community in Meghalaya", said Hisham Abdo, World Bank's acting country director in India.

Further, the apex global financial institution forecasted a rate of growth of 7.5 percent for 2019 and 2020.

In the India section of the report, the bank acknowledged that disruptions from demonetisation and events surrounding the implementation of GST led to a setback in economic activity and a potentially larger negative effect on the poor and vulnerable.

In its biannual South Asia Economic Focus (SAEF) report released in Washington on Sunday, the multilateral lender also projected India's growth rate to rise to 7.3 per cent in the ongoing fiscal. Despite accelerating global growth and trade, exports remain weak.

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According to Robert Beyer, the author of the report, "growth is important, but even very high growth will alone not be enough to increase South Asia's employment rate".

The report projects the growth to rebound in 2018 from a low base and continue to be around 4.5 percent in the medium term, driven by private consumption and investment. "Progress on fiscal consolidation is slow, and deficits are high", a World Bank release said. The institution further said that the employment rate is declining as women are leaving the job market.

Some experts say instead of expanding the jobs market is shrinking in the country amid growing number of employment aspirants.

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