State of Indian Economy
09, Jan 2019
Prelims level : Mains level :
- State of Indian Economy
Indian economy expects to grow at 7.2% in 2018-19:
- Indian economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors said Central Statistics Office (CSO) releasing the first advance estimates of National Income for 2018-19.
- India continued to remain the fastest growing economy in the world. At current prices, GDP grows by 12.3 per cent rising to 188. 41 lakh crore.
World Economic Forum says India is set to become world’s third largest consumer market after US and China by 2030:
- The report said consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030.
- The report said that with the annual GDP growth rate of 7.5 percent, India is currently the world’s sixth largest economy.
- The report titled ‘Future of Consumption in Fast-Growth Consumer Market – India’ also noted that growth of the middle class will lift nearly 25 million households out of poverty.