United Nations: India's Growth Rate Expected to Near Eight Percent in 2018

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UNITED NATIONS — Recovering from demonetization stumbles, India's economic growth next year is expected to almost touch the 8 percent mark, rebounding to 7.9 percent with the help of sound monetary policies and a boost from reforms, the U.N. said May 16.

The mid-2017 update to the U.N. World Economic Situation and Prospects report raised the figure by 0.3 percent from 7.6 percent projected at the beginning of this year.

"Despite temporary disruptions from the demonetization policy, economic conditions in India remain robust, underpinned by sound fiscal and monetary policies and the implementation of key domestic reforms," the report said.

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However, for the current year, the report by the U.N. Department of Economic and Social Affairs cut the growth rate by 0.4 percent to only 7.3 percent, down from the 7.7 percent it forecast in January.

Last year's growth rate was 7 percent, the report said.

India is expected to keep its lead as the world's fastest growing major economy in a world struggling to reach a 2.9 growth next year with the developed economies stuck at 1.8 percent.

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