UN World Economic Situation and Prospects (WESP) report of mid 2018, India’s economy projected to grow 7.6%

As per latest UN World Economic Situation and Prospects (WESP) report of mid 2018, India’s economy is projected to grow 7.6% in fiscal year 2018-19 and 7.5% for FY 18. This is a substantial recovery from the 6.7% growth India registered in fiscal year 2017. As per report, India is gaining momentum among major economies and although capital spending has shown signs of revival, a more widespread and sustained recovery in private investment remains a crucial challenge. The prediction is largely in line with 2018 Economic Survey that pegged growth at 7% to 7.5% in 2018-19. The Central Statistics Office (CSO) estimates 2017-18 GDP growth at 6.6% compared with 7.1% in the previous year.