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Expressing confidence on Indian growth story, the World Bank (WB) predicts a growth rate of 7 per cent, an upward revision from earlier estimates of 6.6 per cent.
In a recently released report, “India’s Development Update: India’s Trade Opportunities in a Changing Global Context”, the world’s premier financial institutions felt that the India’s growth will be continuous despite the country is facing adverse conditions in the changing global environment.
WB prediction is in tune with two more international financial institutions: International Monetary Fund (IMF) and Asian Development Bank (ADB).
Basis for the changing views of the international financial institutions include the growth is being boosted due to increased investment in public infrastructure and positive growth in the household investment in real estate sector. Further, there is a growth in the manufacturing industry by 9.9 per cent and projected growth in services sector, although there is possible drift in the agriculture sector.
The international agency points out that the trends in urban unemployment are reducing through gradually, especially urban female unemployment fell to 8.5%. It assumed that India may further improve on its strengths in IT, Business services and Pharma sectors would boost the growth further. India is targeting $1 trillion merchandise export target would further boost the growth.
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