World Bank expresses positivity about the future of the Indian economy
Friday - January 10, 2020 4:14 pm ,
Category : WTN SPECIAL
Indian economy to grow rapidly in the coming financial year
Indian economy recovering from the global economic slowdown, soon growth rate to accelerate
JAN 10 (WTN) - The global economic slowdown has affected the Indian economy to a great extent. According to the International Monetary Fund, 90 per cent of the world's economies, including India, have suffered some form of the global economic slowdown. Due to the global economic slowdown, India's GDP growth rate has been significantly affected in the current financial year, and it has been much slower than anticipated. Amidst all this, the World Bank has estimated India's GDP growth rate to be 5 per cent in the FY 2019-20.
However, the World Bank expects the Indian economy to gain momentum in the coming years, and India's growth rate could reach 5.8 per cent in the FY 2020-21. According to the World Bank, India's GDP growth in the June quarter and September quarter of the current financial year has been 5 per cent and 4.5 per cent respectively, which is the lowest level since 2013. According to the World Bank, loan disbursements of non-banking financial companies (NBFCs) in India are expected to continue to soften, and for this reason, India's GDP growth rate may shrink to 5 per cent in the current financial year.
But at the same time, the World Bank estimates that the economic slowdown is gradually reducing the impact on other countries of the world, including India, and India's growth rate could be 5.8 per cent in the FY 2020-21. For your information, let us know that in the data released on Tuesday this week, the government has estimated the economic growth rate to be 5 per cent in the current financial year 2019-20. The government believes that the economic growth rate is going to be so low due to the poor performance of the manufacturing and construction sectors. Explain that if the economic growth rate is 5 per cent, then it will be the slowest growth rate in 11 years.
Here, the World Bank believes that the softening in the disbursal of credit to the non-banking financial sector is affecting the domestic demand in India. Also, inadequate availability of loans and softening of private consumption in India has led to economic activity and this is the reason why the economic activity has declined in 2019. According to the World Bank, the largest decline in the manufacturing and agriculture sector has been recorded in the current financial year which has shaken India's economic growth rate.
The World Bank believes that the reduction in consumption by people and the softening of investment have made the effects of government spending negligible. At the same time, the World Bank believes that there is a possibility of weak economic activities in the remaining time of the current financial year. That is the global economic slowdown has affected the Indian economy to a great extent. Due to the ongoing trade war between America and China, many countries of the world have faced economic slowdown. China itself has suffered a major setback due to trade war and for the first time in 17 years, the industrial growth rate in China has reached the lowest level.
However, the phase and impact of the economic slowdown are gradually diminishing, and it is estimated that the Indian economy will once again grow rapidly in the coming financial year 2020-21. But to accelerate the Indian economy, the Modi Government will have to make a lot of efforts, such as access to debt in the market, reduction in income tax so that people get more money in their hands and spend, and opportunities to increase employment. If the Modi Government succeeds in taking these measures, the Indian Economy will once again start to grow faster by recovering from the economic slowdown.
JAN 10 (WTN) - The global economic slowdown has affected the Indian economy to a great extent. According to the International Monetary Fund, 90 per cent of the world's economies, including India, have suffered some form of the global economic slowdown. Due to the global economic slowdown, India's GDP growth rate has been significantly affected in the current financial year, and it has been much slower than anticipated. Amidst all this, the World Bank has estimated India's GDP growth rate to be 5 per cent in the FY 2019-20.
However, the World Bank expects the Indian economy to gain momentum in the coming years, and India's growth rate could reach 5.8 per cent in the FY 2020-21. According to the World Bank, India's GDP growth in the June quarter and September quarter of the current financial year has been 5 per cent and 4.5 per cent respectively, which is the lowest level since 2013. According to the World Bank, loan disbursements of non-banking financial companies (NBFCs) in India are expected to continue to soften, and for this reason, India's GDP growth rate may shrink to 5 per cent in the current financial year.
But at the same time, the World Bank estimates that the economic slowdown is gradually reducing the impact on other countries of the world, including India, and India's growth rate could be 5.8 per cent in the FY 2020-21. For your information, let us know that in the data released on Tuesday this week, the government has estimated the economic growth rate to be 5 per cent in the current financial year 2019-20. The government believes that the economic growth rate is going to be so low due to the poor performance of the manufacturing and construction sectors. Explain that if the economic growth rate is 5 per cent, then it will be the slowest growth rate in 11 years.
Here, the World Bank believes that the softening in the disbursal of credit to the non-banking financial sector is affecting the domestic demand in India. Also, inadequate availability of loans and softening of private consumption in India has led to economic activity and this is the reason why the economic activity has declined in 2019. According to the World Bank, the largest decline in the manufacturing and agriculture sector has been recorded in the current financial year which has shaken India's economic growth rate.
The World Bank believes that the reduction in consumption by people and the softening of investment have made the effects of government spending negligible. At the same time, the World Bank believes that there is a possibility of weak economic activities in the remaining time of the current financial year. That is the global economic slowdown has affected the Indian economy to a great extent. Due to the ongoing trade war between America and China, many countries of the world have faced economic slowdown. China itself has suffered a major setback due to trade war and for the first time in 17 years, the industrial growth rate in China has reached the lowest level.
However, the phase and impact of the economic slowdown are gradually diminishing, and it is estimated that the Indian economy will once again grow rapidly in the coming financial year 2020-21. But to accelerate the Indian economy, the Modi Government will have to make a lot of efforts, such as access to debt in the market, reduction in income tax so that people get more money in their hands and spend, and opportunities to increase employment. If the Modi Government succeeds in taking these measures, the Indian Economy will once again start to grow faster by recovering from the economic slowdown.
