New Delhi March 14 (IANS) The Indian economy is set to revert to its trend growth rate of 7.5 per cent by 2019-20 as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetisation a World Bank report said on Wednesday.
It said that India s GDP growth is projected to reach 6.7 per cent in 2017-18 and accelerate to 7.3 per cent and 7.5 per cent in 2018-19 and 2019-20 respectively.
The India Development Update report which takes stock of the Indian economy added that reaching growth rates exceeding 8 per cent will require continued reform aimed at resolving issues related to credit and investment and enhancing the competitiveness of India s exporting sector.
"Maintaining hard-won macroeconomic stability providing a definite and durable solution to the cleaning up of banks balance sheets realising GST s growth and fiscal dividend and regaining momentum on the unfinished structural reform agenda will be key for realising these rates of growth " it added.
"Accelerating the growth rate will also require continued integration into the global economy " the report added.
--IANS
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