The UN projects India’s economy to grow by 5.7 percent in the current fiscal year and expects it to rise to 6.6 percent in the next fiscal year. 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 percent 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. He said that it was expected to improve its growth rate in the coming year because of the steps being taken.
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.