With an ‘ambitious government undertaking comprehensive reforms’, India has ‘enormous growth potential’ compared to other emerging economies, the World Bank said, as it projected country’s growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.
India, despite initial setbacks from demonetization and Goods and Services Tax (GST), is estimated to have grown at 6.7 per cent in 2017, according to the ‘2018 Global Economics Prospect’ released by the World Bank.
“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, told in an interview.