India’s Growth Rate Will Improve to 7.4 percent in Fiscal 2018

The Asian Development Bank said that India’s growth rate will improve to 7.4 percent during 2017-18 and go up further to 7.6 per cent in the next fiscal year

In the Asian Development Outlook, the bank’s flagship economic publication, reasons given for this forecast are: “The impact of the demonetization of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country.” The report also noted that India’s economic reforms initiative, including the liberalization of the Foreign Direct Investment regime, and the Goods and Services Tax that is expected to roll out from July, are favorable to the country.

economic growth
Commenting on future prospects, it said that in two-thirds of economies in developing Asia, the growth is being supported by higher external demand, rebounding global commodity prices, and domestic reforms, making the region the largest single contributor to global growth at 60 percent, reports the Economic Times.
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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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