Monday October 22, 2018
Home Business World Bank op...

World Bank optimistic about India; projects 8 per cent growth next fiscal

0
//
121
Republish
Reprint

1377869690_India-GDP-image

By Newsgram Staff Writer

The World Bank has forecast India’s growth accelerating to 8 per cent for the next fiscal year.

The World Banks’s projections came soon after the rating reports by Moody’s and Fitch changed India’s outlook from ‘stable’ to ‘positive’.

According to the World Bank, India’s gross domestic product (GDP) growth is expected to accelerate to 7.5 percent in fiscal 2015-16.

Riding on a significant acceleration of 12 per cent investment growth, India could reach 8 per cent in the fiscal year 2017-18, as cited by the economic focus report.

The report also pointed out that India is attempting to shift from a consumption-led to an investment-led growth, at a time when China is undergoing the opposite transition.

The think-tank of the rich nations, the Organisation for Economic Cooperation and Development (OECD), also endorsed India’s economic expansion projections.

Chief economist  at World Bank South Asia Martin Rama also added that cheap oil gives India the opportunity to rationalize energy prices, helping it in reducing the fiscal burden from subsidies.

However, World Bank’s bi-annual South Asia Economic Focus report hints at the exports sector in the region remains a cause for worry

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

350 Chinese Cities Get Better Air Quality

In the first three quarters of this year, 7 out of 20 cities with the worst air quality were in northern Shanxi province

0
Officials told CNN that the Chinese military did not intercept the US aircraft during their mission.
South China Sea, Pixabay

More than half of China’s cities saw air quality improve year-on-year in September, the Chinese Environment Ministry has said.

The average density of PM 2.5 stood at 25 micrograms per cubic meter in September in 338 cities, down 16.7 per cent from the same period last year, according to the Ministry of Ecology and Environment.

These cities enjoyed good air quality on 90.8 per cent of the days last month, up 2.6 per cent, Xinhua news agency said.

Air Quality
Air pollution can also damage your kidneys. wikimedia commons

The world’s most populous nation has over 600 cities and is grappling with chronic pollution which kills about one million people annually.

China is the world’s biggest coal producer and alone burns half of it, leading to severe pollution. The country is also the largest greenhouse gas emitter in the world.

However, the government has cracked down heavily on the polluting industries, shutting many of them. In July, the government released a three-year action plan to tackle the problem.

It also punishes top officials for not doing enough to rein in pollution.

Beijing is no longer the world’s most polluted city.

Air quality

Air quality
Buildings are seen on a hazy day in Xiangyang, Hubei province, China. VOA.

In the Beijing-Tianjin-Hebei region, the share of days with good air quality in September stood at 79.2 per cent, a year-on-year increase of 27.8 percentage points, while the PM 2.5 density of the region dropped by 33.3 per cent on year to 36 micrograms per cubic meter, the Ministry was quoted by Xinhua as saying.

In the first three quarters of this year, 7 out of 20 cities with the worst air quality were in northern Shanxi province, China’s coal-producing hub.

Also Read: Sundar Pichai Clears Google’s China Centric Plans

According to the action plan released in July, by 2020, emissions of sulfur dioxide and nitrogen oxide should have dropped by more than 15 per cent over the 2015 levels, while cities that fail to meet the requirement of PM 2.5 density should see a decline of more than 18 per cent from 2015 levels. (IANS)

Next Story