The Indian economy is projected to be the fastest-growing major economy in the current and upcoming fiscal 2019-20, the finance ministry said on Wednesday while emphasising that the government has taken several steps to boost investors’ confidence.
According to a recent World Bank report, India has improved its ranking in the Ease of Doing Business to 77th in 2018. The average growth of the Indian economy between 2014-15 and 2017-18 was 7.3 per cent, fastest among the major economies in the world, the ministry said in Year End Review 2018.
“Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19,” it said. The Indian economy is on track to maintain a high growth rate in the current global environment, it added.
Factors boosting the growth
Highlighting various initiatives taken to improve the confidence and boost the growth of the Indian economy, it said there were measures to boost manufacturing, comprehensive reforms in the foreign direct investment policy, special package for the textile industry, push to infrastructure development by giving infrastructure status to affordable housing and focus on coastal connectivity.
The success of the government policies is further reaffirmed and underscored when the international organisations such as the World Bank and the IMF recognise India as the fastest-growing emerging economy in the world and applaud the resilient and stable growth India has witnessed, it said.
On inflation, it said the country witnessed moderation during 2017-18 and this progress is a result of a number of initiatives and reforms undertaken by the government which follows in the subsequent pages.
Consumer Price Index-based headline inflation averaged 3.3 per cent during the period which is the lowest in the last six financial years. This has been stated in the Economic Survey 2017-18 placed in Parliament by Finance and Corporate Affairs Minister Arun Jaitley.