IMF sees India as fastest-growing economy in 2018, 2019
The International Monetary Fund (IMF) remains bullish on India’s growth potential and has retained its GDP forecast for the country at 6.7 per cent in 2017 and 7.4 per cent in 2018.
In its World Economic Outlook Update, it also estimated that the Indian economy would grow by 7.8 per cent in 2019, which make the country the world’s fastest-growing economy in 2018 and 2019, the top ranking it briefly lost in 2017 to China.
“The aggregate growth forecast for the emerging markets and developing economies for 2018 and 2019 is unchanged… Growth is expected to…pick up in India…,” said the report, which was released ahead of the World Economic Forum meeting in Davos.
India will overtake China to be the fastest growing large economy in 2018 and the country’s equity market will become the fifth largest in the world, says a report.
According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth.
“India will become the fastest growing large economy in the world, eclipsing China.
FACTS AND FIGURES
- India has been the world’s largest producer of milk for the last two decades and contributes 19 per cent of the world’s total milk production.
- India is emerging as the export hub of instant coffee which has led to exports of coffee increase 17 per cent in calendar year 2017 to reach US$ 958.80 million.
- India topped the list of shrimp exporters globally in 2016 with exports of US$ 3.8 billion which are expected to double to US$ 7 billion by 2022.
- Total area in India, sown with rabi crops reached 61.79 million hectares in January 2 2018.
- India is the second largest fruit producer in the world. India’s horticulture output reached 300.64 million tons in 2016-17 and is expected to reach 305.43 million tons in 2017-18.
- Agricultural export constitutes 10 per cent of the country’s exports and is the fourth-largest exported principal commodity. Agricultural exports from India reached US$ 24.66 billion during April-November 2017 with exports of basmati, buffalo meat reaching US$ 2.61 billion and US4 2.76 billion, respectively.
- India is the largest producer, consumer and exporter of spices and spice products. Spice exports from India grew by 6 per cent year-on-year between April-September 2017 to US$ 1.37 billion.
- Dairy sector in India is expected to grow at 15 per cent CAGR to reach Rs 9.4 trillion (US$ 145.7) billion by 2020.
- The online food delivery industry grew at 150 per cent year-on-year with an estimated Gross Merchandise Value (GMV) of US$ 300 million in 2016. The sector grew 15 per cent every quarter during January-September 2017.