Washington: on the basis of better investment and private consumption, India will continue to be the fastest growing major global economy even in the coming moment. According to the World Bank, India's economic growth rate for the next three years can remain at 7.50%. The report by the World Bank comes at a moment when the figures of the Central Statistics Office (CSO) have been facing sharp criticisms from the Modi government after the data came out.
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According to CSO data, the country's economic growth rate in the fourth quarter of the financial year 2018-19 came to a 5-year minimum level of 5.80 percent. It is less than China. In its report, the CSO attributed the weakening of growth rate in agriculture and manufacturing sectors to declining economic activity. The World Bank said in a global economic scenario report released on Tuesday that India's growth in fiscal year 2018-19 could remain 7.20 percent. China's financial growth rate in 2018 was 6.60 percent. This rate is projected to fall to 6.20% in 2019, 6.10% in 2020 and 6% in 2021. With this, India will continue to be the fastest growing major economy in the world.
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According to the report, India's economic growth rate by the year 2021 will be one and a half percent higher than that of China's 6 percent. According to the World Bank, India's economic growth rate in 2019-20 is projected to be at 7.50 percent. The World Bank in its previous forecast also estimated the growth rate in 2019-20 to be 7.50 percent. It has said that the same pace of growth is going to be sustained by the next two financial years.