The World Bank today forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for 2019 and 2020, and noted that the country’s economy has recovered from the effects of demonetisation and the Goods and Services Tax. “Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption,” the World Bank said in its twice-a-year South Asia Economic Focus. In its report the World Bank said, India should strive to accelerate investments and exports to take advantage of the recovery in global growth.
India is likely to knock out Britain from its position as a top leader in the category of nations which are leading the world on the economic front. It will be a sweet revenge for India since it was not long ago that India was ruled by Britain.
It will be in 2022 that India will be in a position to overtake Britain as the fourth largest economy. By doing so, India will be pushing Britain out of the 5 leading world economies. It is not as if India has been able to achieve this position with ease. It was under the visionary leadership of Prime Minister Narendra Modi that India has been able to change its fortunes. Numerous initiatives taken by the present government has created this comfortable position for India where it will be rising to the position of the 4th strongest economy in the world. These initiatives on part of Government include overhauling the tax system, increasing employment opportunities substantially and encourage corporate investments in the country.
However, once India attains this position it will be a tough task to maintain this lead and create an enabling environment in the country where every person has skillful and gainful employment. This will create the India, we all aspire for.