World bank in its 2018 Global Economics Prospect release, projected country’s growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.
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With an “ambitious government undertaking comprehensive reforms”, India has “enormous growth potential” compared to other emerging economies, the World Bank said
"In comparison with China, which is slowing, the World Bank is expecting India to gradually accelerate, as the growth numbers of the past three years were very healthy,” author of the report, said.
In 2017, China grew at 6.8 per cent, 0.1 per cent more than that of India, while in 2018, its growth rate is projected at 6.4 per cent. And in the next two years, the country’s growth rate will drop marginally to 6.3 and 6.2 per cent, respectively.
“On the productivity side, India has enormous potential with respect to secondary education completion rate. All in all, improved labor market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India’s prospects,” author of the report said.
The latest World Bank growth estimate for 2017 is 0.5 per cent, less than the previous projection, and 0.2 per cent less in the next two years.