India’s growth rate is 7.3%
The International Monetary Fund (IMF) estimates that India is likely to achieve 7.3 per cent growth this year. In its latest report released by the World Economic Outlook (IMF), the growth rate will be 7.4 percent in 2019. India achieved 6.7 per cent growth in 2017 Increasing the crude oil prices and international economic conditions, IMF has slashed growth rates in 2019 compared to the World Economic Outlook report given in April 2018.
Important reforms in India are mentioned in the IMF report. The IMF has revealed the implementation of the goods service tax (GST), the target of inflation reduction targeting, bankruptcy law law and liberalization of foreign investment. If their expectations are true, India will soon be the fastest growing major economy in the world. China is expected to cross 0.7 percent in 2018. Another 1.2 per cent growth in 2019 is likely to rise.
In 2017 China became the fastest growing economy. India’s gross domestic product (GDP) was up by 0.2% to 6.9% The IMF report indicated that China’s 6.6 per cent growth this year would be likely to fall to 6.2 per cent in 2019. The impact of the tariffs imposed on the US is likely to adversely affect the country’s growth rate.