10 October 2018 Current Affairs:
The International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) said that India has been estimated to grow at 7.3% in 2018 and 7.4% in 2019. This is to regain the tag of the world’s fastest-growing major economy 2018, surpassing China with more than 0.7% points. In 2017, India had clocked a 6.7% growth rate.
In India, important reforms like the Goods and Services Tax (GST), the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business have been implemented in the recent years.
China was the fastest-growing economy in 2017. The IMF has lowered the growth projections for both India and China by 0.4% and 0.32%, respectively, from its annual April’s WEO.