The pace of the Indian economy's progress is now among the fastest in the world. While most countries are struggling with economic slowdown or stagnation, India is flying high owing to inherent strengths boosted by the govt's policy interventions.
The World Bank in its latest Global Economic Prospects report has said that -
-- Indian economy will grow at 7.3% in 2018
-- it will further grow at 7.5% for the next 2 years
-- It's author said that Indian economy has 'enormous potential'
-- and that India will likely register higher growth rate than other major emerging economies in the next decade
India will make rapid economic progress on the strength of landmark reforms undertaken in recent years such as GST implimentation, increased digital commerce after demonetisation, increased investment, labour reforms and higher govt spending on education and health.
The nation is passing through a transformative phase at this time.
The economy is getting more and more formalised after demonetisation, digitisation, GST & Aadhar linkage
-- Fundamental reforms have increased business competitiveness, streamlined tax collection & enhanced govt earnings
-- Positive impact on human capital through govt spending will give added boost to economic growth
There was hue and cry over Non-Performing assets of public sector banks. But after implementation of the new Insolvency and Bankruptsy Act along with govt's recapitalisation funds, the scenario is changing. The cumulative effect is how international credit rating agencies like.
INDIA RISES IN WORLD'S EYES
-- Moody's upgraded India's ranking after 13 years recently
-- Upgrade will help India get cheaper funds from international markets
Indian equity markets are reflecting India's positive economic prospects touching record highs indicating faith of investors that better times lie ahead. Another positive indicator was when India reached the top 100 spot in the World Bank's ease of doing business rankings last year.
Clearly, India's economic graph is on an upsurge. 2018 could prove to be a landmark year for India's sustained, fast-paced economic growth.