India to grow at 7.3% in 2018 : IMF

Why in the news ?
  • The 'World Economic Outlook' report by IMF, forecasted a growth rate of 7.3% for India in the current year of 2018 and that of 7.4% in 2019.
  • In 2017, India had clocked a 6.7 per cent growth rate.
More in the news
Findings of the report :
  • The acceleration reflected a rebound from transitory shocks (Demonetisation and GST), with strengthening investment and robust private consumption.
  • India’s medium-term growth prospects remain strong at 7¾ per cent, benefiting from ongoing structural reform.
  • important reforms have been implemented in the recent years :
    The Goods and Services Tax,
    The inflation-targeting framework,
     The Insolvency and Bankruptcy Code, and
     Steps to liberalise foreign investment and make it easier to do business.
  • India to retain its fastest growing economy tag if the projections turns to reality.
  • China was the fastest growing economy in 2017 as it was ahead of India by 0.2 percentage points.
  • Over the medium term, growth is expected to gradually slow to 5.6 per cent as the economy continues to make the transition to a more sustainable growth path with continued financial de-risking and environmental controls.
  • Emerging Asia continued to register strong growth, supported by a domestic demand-led pickup in the Indian economy
International Monetary Fund (IMF)
  • The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944.
  • The International Monetary Fund (IMF) is an organization of 189 countries.
  • The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.
  • Its other objectives are :
     
     
    A)  Working to foster global monetary cooperation,
    B)  Secure financial stability,
    C)  Facilitate international trade,
    D)  Promote high employment and sustainable economic growth, and
    E)  Reduce poverty around the world.
  • IMF is headquartered in Washington, D.C.
Source
Indian Express, IMF.
 
 
 
Posted by Jawwad Kazi on 9th Oct 2018
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