The UN projects India’s economy to grow by 5.7 per cent in the current fiscal year and expects it to rise to 6.6 per cent in the next.
The projection in the UN’s World Economic Situation and Prospects report released on Thursday are higher than the 5 per cent made by the World Bank earlier this month.
The UN growth estimate for the current fiscal is drastically lower than the forecast of 7.6 per cent made in last year’s report in January and 7 per cent in the May update.
The head of UN’s Global Economic Monitoring Branch, Dawn Holland, told IANS that although there has been a steep decline in growth, India was still one of the high performers globally.
Dawn Holland said that it was expected to improve its growth rate in the coming year because of the steps being taken.
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According to the report, only China has a higher growth rate than India among the world’s large economies with a 6 per cent forecast for the current calendar year.
Source: India Today
