India Will Beat Slowdown Blues – Economy To Grow At 7.4% In 2018!
The International Monetary Fund has some heartening predictions for the Indian Economy in 2018.
International Monetary Fund or IMF has hailed the Indian growth story as the world’s fastest among emerging economies.
Just ahead of World Economic Forum in Davos, where PM Modi will become the first Indian PM in 20 years to attend the event, and address it as well, IMF has said that Indian economy will grow faster than China in 2018.
This means that India is all set to shrug off demonetisation and GST woes, and will embrace growth like never before.
IMF: Indian Economy All Set To Beat China In Growth
In their latest World Economic Outlook update, which was released yesterday by IMF, India has been declared as the fastest growing among emerging economies.
Last year, it was China which was awarded this unique, and powerful distinction.
As per IMF, India’s GDP or Gross Domestic Product will grow at 7.4% in 2018, compared to China’s growth of 6.8%.
While India’s GDP will grow at 7.4% in 2018 and 7.8% in 2019; China is expected to grow at 6.8% and 6.4% during the same period. This means that Indian economy is on the right path, and the slowdown reported by demonetization and GST is a thing of past now.
“Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the ASEAN-5 region”.
Earlier, IMF’s first deputy managing director David Lipton had said during Asian Financial Forum in Hong Kong on January 15th:
“India is reclaiming its place as a growth leader after a short slowdown. And the ASEAN-5 have gained momentum in response to higher investment and increased exports,”
Overall, IMF has predicted that emerging and developing countries of Asia will grow at around 6.5% over the 2018-19 period.
PM Modi Declares At Davos: India Means Business
Meanwhile, PM Modi has arrived at Davos, Switzerland to attend World Economic Forum, thereby becoming the 1st Indian PM in over two decades to do so.
He has already reached there and met 40 powerful global industry leaders from 18 countries, which include Microsoft’s Satya Nadella, Reliance’s Mukesh Ambani, Airbus CEO Dirk Hoke among others. Collectively, these companies represented a market capitalization of $3.3 trillion.
In a tweet, Raveesh Kumar who is the spokesperson for Ministry of External Affairs said that in the meeting, PM Modi narrated “India’s growth story and presenting exciting opportunities for global business in India,”
Narrating India’s growth story and presenting exciting opportunities for global business in India at #Davos, PM @narendramodi hosted a roundtable meeting with CEOs of top global companies. #IndiaMeansBusiness pic.twitter.com/R16QooOPUK
— Raveesh Kumar (@MEAIndia) January 22, 2018
As per reports, the meeting lasted for two hours.
Later today, he will deliver his first keynote speech at the World Economic Forum.
We will keep you updated, as more news come in.