The Indian economy will grow 7.5 per cent next year by virtue of consumption revival and higher infrastructure spending, says a report by the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
For 2017, India’s economic growth is projected stable at 7.1 per cent before catapulting to 7.5 per cent going into the next year, the regional development arm of the United Nations said.
This forecast is “underpinned by higher private and public consumption and increased infrastructure spending,” the report said.
The International Monetary Fund (IMF) last month projected the India’s growth at 7.2 per cent in the fiscal 2017-18 and at 7.7 per cent for the next financial year.
While the Manila-headquartered Asian Development Bank sees the growth jumping to 7.4 per cent in 2017-18 and 7.6 per cent in the next.
Even at this rate, India will continue to clock a better growth than China, which is expected to grow at around 6.5 per cent in 2017.
“Meanwhile, inflation is projected to reach 5.3-5.5 per cent in 2017 and 2018, which is somewhat above the official target of 4.5-5 per cent,” the ESCAP said.
via India to grow 7.5% next year on higher infra spending, says UN | Business Standard News
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