India is likely to register the highest GDP growth rate in the world in the next fiscal. The 2018 Global Economics Prospect (GEP) released by the World Bank has projected India’s GDP growth in 2018-19 to pick up to 7.3% as against estimated 6.7 percent in 2017-18. The report further projects an overall growth rate of 7.5 percent in the next two financial years. The agency is hopeful of a new growth wave unfolding in India after the GST adjustment of the businesses.
Meanwhile, the World Bank believes that there are more encouraging signs for the Indian economy in terms of medium to long run prospects. “In all likelihood, India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn’t focus on the short-term numbers. I would look at the big picture for India and big picture is telling us that it has enormous potential,” Ayhan Kose, director, Development Prospects Group, World Bank, and the author of the report told news agency PTI.