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India projected to grow at 7.1% in FY20: UN report

India projected to grow at 7.1% in FY20: UN report

India's economy is projected to grow at 7.1 per cent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 per cent estimated in January this year, according to a report by the United Nations.

The World Economic Situation and Prospects (WESP) 2019 Mid-year Update said that the Indian economy, which generates two-thirds of the regional output in South Asia, expanded by 7.2 per cent in 2018.

Highlights of the Report

The estimates for India, however, reflect a downward revision from the projections made in the World Economic Situation and Prospects 2019 report released in January this year.

That report had estimated that India would grow at 7.6 per cent in fiscal year 2019 and 7.4 per cent in 2020.

It must be noted that despite the downward revisions, India remains the fastest growing major economy in the world, ahead of China.

The WESP mid-year update noted that growth projections for 2019 have been revised downward in all major developed economies.

The global growth outlook has weakened amid unresolved trade tensions and elevated international policy uncertainty. Across both developed and developing countries, growth projections for 2019 have been downgraded.

Alongside a slow-down in international trade, business sentiments have deteriorated, casting a cloud on investment prospects.

World gross product growth is now expected to moderate from 3.0 per cent in 2018 to 2.7 per cent in 2019 and 2.9 per cent in 2020, reflecting a downward revision from WESP 2019 forecast released in January.

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