World Bank has announced that India’s GDP (Gross Domestic Product) has grown to 7.6 percent in the year 2015-16. The World Bank has described about the South Asia as a global growth hotspot and it will remain robust upto 7.7 percent by 2017.
“In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term,” the World Bank said in its latest report on South Asia Economic Focus released yesterday.
“However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender,” the report said.
According to the reports of World Bank, the Indian economic growth will be supported to reduce poverty education that is facing from the past. The growth numbers of the last government revenue will reinforce the India’s position as the world’s fastest-growing largest economy.
With the strong growth in the fourth quarter comes at a time when China has reported 6.7 percent in the March quarter as it is the slowest growth from the seven years. In Pakistan, the economic activity will be gradually accelerated over medium term of 5.0 percent in 2017 and 5.4 percent in 2018 by building up the 4.7 growth in 2016.
As per the reports, Growth in Bangladesh will be sustained upto 6.8 percent in 2017 from the coming slightly down from 6.1 percent in 2016.
“This year is expected to see some convergence in rural and urban economies, supported by stimulating policies, such as passage of GST and civil pay revisions, along with good monsoons,” the report said.
The World Bank said the economic growth remains robust, and the GDP growth is accelerated by 7.5 percent in the four quarters in June 2016 from average of 6.5 percent in the previous twelve quarters.