A UN expert said India’s projected growth at the rate of 7.8% in 2017-18 was possible due to cautious macroeconomic policy, reduced inflation and some structural reforms. These steps have helped the country perform relatively well in an environment of global economic slowdown.
The United Nations Economic and Social Survey for Asia and the Pacific-2016 report, released recently , said that the Indian economy is projected to expand by 7.6% in 2016-17 and grow further to 7.8% in 2017-18, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation.
Economic affairs officer in the UN department of economic and social affairs, Sebastian Vergara told reporters at the launch of the report at United Nations that several demographic and structural factors are responsible for India performing in a “relatively very good way” as compared to economic growth in other countries.
The report said that in South and South-West Asia, India’s economy is gradually gaining growth momentum “amid making steady, albeit uneven, progress” on policy reforms to attract foreign investment and revive stalled infrastructure projects.