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Indian economy projected to grow 7.3% in 2016: UN

Indian economy projected to grow 7.3% in 2016: UN

  • A UN report forecasted about India’s economy to grow by 7.3 in 2016.
  • As per the World Economic Situation and Prospect report, India is expected to achieve a 7.5 percent GDP growth in 2017.
  • The reason for 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.
  • China grew at about 6.9 percent in 2015, will continue to witness the slow down in growth with its GDP projected to grow 6.4 percent in 2016 and 6.5 percent in 2017.
  • India will be the world’s fastest growing large economy at 7.3 percent in 2016, improving further to 7.5 percent in 2017.
  • India’s economy accounts for over 70 percent of South Asia’s GDP and grown by about 7.2 percent in 2015.
  • The Regional GDP growth is expected to accelerate from 6.1 percent in 2015 to 6.6 this year and 6.8 percent in 2017.
  • Financial and commodity markets have largely stabilised and recovered from the losses suffered at the start of the year. The capital flows to developing countries have also seen some revival, notably to Brazil, India, the Philippines and Taiwan.
  • This marks a significant downward revision of 0.5 percentage points to forecasts reported in December 2015.
  • The revised forecast reflects significant downward adjustments in the growth rates of many countries in Africa, the Commonwealth of Independent States (CIS), and Latin America and the Caribbean due to its tighter policy stances have exacerbated the effects of a series of adverse shocks.
  • As a whole, economic growth in developing nations in 2016 is unlikely to exceed the 3.8 percent growth seen in 2015.
  • In the US, GDP growth is expected to reach just 2.2 percent in 2016. Global GDP growth is forecast to average 0.5 percent in both years
  • United Nations (UN):-
    • The United Nations (UN) is an intergovernmental organization to promote international co-operation.
    • It is a replacement for the ineffective League of Nations. The organization was established on 24 October 1945 after World War II in order to prevent another such conflict.
    • At its founding, the UN had 51 member states; there are now 193 members.
    • The headquarters of the United Nations is in Manhattan, New York City, and experiences extraterritoriality.
    • The main offices are situated in Geneva, Nairobi and Vienna.
    • The organization is financed by assessed and voluntary contributions from its member states.
    • Its objectives include maintaining international peace and security, promoting human rights, fostering social and economic development, protecting the environment, and providing humanitarian aid in cases of famine, natural disaster, and armed conflict.
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