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Indian economy to grow at 7.6%, beat UK in world's largest economies
Realisation of efficiency gains from the newly adopted GST and policy impetus is expected to support growth in the first year of a new government, a study says
Realisation of efficiency gains from the newly adopted GST and policy impetus is expected to support growth in the first year of a new government, according to a report by global consultancy firm PwC. Even as the global economy as a whole is expected to slow in 2019, Indian economy will grow at 7.6 percent in 2019-20 if there are no major headwinds in the global economy such as supply-side shocks in oil or enhanced trade tensions, it said.
According to the study, India is likely to surpass Britain in the world's largest economy rankings in 2019. Mike Jakeman, a senior economist at PwC, said India has an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head.
The report also says that the pick-up in growth of major economies is now over. India became the world's sixth largest economy in 2017 surpassing France, according to World Bank data data.
According to Ranen Banerjee, Partner and Leader - Public Finance and Economics at PwC India, "The growth will be supported through further realisation of efficiency gains from the newly adopted GST and policy impetus expected in the first year of a new government."
"India should return to a healthy growth rate of 7.6 per cent in 2019-20 if there are no major headwinds in the global economy such as enhanced trade tensions or supply-side shocks in oil," PTI reported citing the study.
In the US, the boost from fiscal stimulus is expected to fade, higher interest rates are likely to dampen consumer spending and a strong dollar will continue to drag on net exports. PwC projects US growth will moderate from an estimated 2.8 percent in 2018 to around 2.3 percent in 2019.
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