Washington, January 23: Good News! Indian economy is all set to boom in the year 2018 with the projected growth rate of 7.4 percent. Though implementation of demonetization and GST in the year 2016 and 2017 made a short-term impact country’s economy, however, from the broader perspective, the two policies have strengthened the growth of India.
Notably, the International Monetary Fund (IMF) on Monday said that India will be a fastest growing country among the emerging economies as country’s economy is projected to grow at 7.4% in the year 2018 as against China's 6.8 %.
In its latest World Economic Outlook update released yesterday in Davos, Switzerland on the sidelines of the World Economic Forum, the IMF has projected a 7.8 percent growth rate for India in 2019. The US to grow by 2.7% and 2.5% in 2018 and 2019, respectively, higher by 0.4 and 0.6 percentage point than earlier estimates.
However, due to demonetization and implementation of the Goods and Services Tax (GST), India’s economy slowed down a little bit to 6.7 percent in the year 2016. In 2017 also India’s growth rate dropped to 6.7 percent.
Earlier, in October last year, the International Monetary Fund (IMF) predicted that India will be the fastest growing economy in 2018 despite a fugacious drop in 2017. The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of 189 countries to promote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties. Formed on 7th July 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes.