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India’s GDP to grow at 7.3% in 2016: UN report

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India’s economy is expected to grow at 7.3% this year, with the prospects of the South Asian region will be “contingent” on the growth trajectory of the country and Iran, according to United Nations report released on Thursday.
The World Economic Situation and Prospect report, in its mid-2016 update, said, notwithstanding delays in domestic policy reforms, India’s economy is “slowly gaining momentum” and is expected to achieve a 7.5% growth in 2017.
“Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships,” the report said.
China, which grew at 6.9% in 2015, will continue to witness slowdown in growth, with its GDP projected to grow 6.4% in 2016 and 6.5% in 2017.
“A larger- than- expected slowdown in China would have spillover effects through trade, financial and commodity markets, while a further deterioration of commodity prices could trigger debt crises in certain economies,” said the report.
Hindustan Times New Delhi,13th May 2016

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