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03-Jan2019

India to be fastest-growing major economy in FY19, FY20: Finance Ministry

Expressing optimism over India's economic growth, the Finance Ministry in its Year End Review 2018 has stated that the Indian economy is on track to maintain a high growth rate in the current global environment. It said the Indian economy is projected to be the fastest-growing major economy in the current fiscal (FY19) and upcoming fiscal 2019-20 (FY20). It added that this is borne by Gross Domestic Product (GDP) growth of 7.6% in the first half of 2018-19. It also emphasized that the government has taken several steps to boost investors' confidence.

The average growth of the Indian economy between 2014-15 and 2017-18 was 7.3%, fastest among the major economies in the world. Pointing out 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 Ministry also said 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. On inflation front, 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 averaged 3.3% during the period which is the lowest in the last six financial years.


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