India to notch up to 7.5 % growth In 2016–17 : IMF
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Posted on:13 Apr 2016 13:36:55
13 April 2016 Current Affairs:
International Monetary Fund (IMF) has declared the India's growth is projected to notch up to 7.5% in 2016-17. And as per IMF prediction India will overtake the China's GDP by more than 1%. These growth in India is driven by private consumption as well as by increased industrial activity.In recent World Economic Outlook report IMF said that they are retaining India's last October forecast because recovery of private investment is expected to further strengthen growth. It also said that growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes.The WEO report also stated that monetary conditions remain consistent with achieving the inflation target of 5 per cent in the first half of 2017, although an unfavorable monsoon and an expected public sector wage increase pose upside risks. It also made a way for Fiscal consolidation to continue underpinned by revenue reforms and further reductions in subsidies. The report also stated that in power sector Sustaining strong growth over the medium term will require labour market reforms and dismantling of infrastructure bottlenecks.
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