India's growth to reach 6.3 per cent in 2016: UN WESP report

According to the United Nations World Economic Situation and Prospects (WESP) 2015 report, India’s growth in terms of GDP is expected to reach 5.9 per cent in 2015 and 6.3 per cent in 2016.
Key highlights of report

• India: Its growth recovery is partly the result of improved market sentiment after the new government took office in the second quarter of 2014 and had announced plans to reform the bureaucracy, labour laws and public subsidies.
• South Asia: Economic growth in South Asia is set to gradually pick up from an estimated 4.9 percent in 2014 to 5.4 percent in 2015 and 5.7 percent in 2016. India, will account for about 70 percent of regional output in South Asia.
• Average inflation in this region is expected remain moderate at 7.8 percent in 2015 and 7.2 percent in 2016, as commodity prices are likely remain subdued and domestic demand picks up gradually.
• Global economy: It is expected to grow at 3.1 percent in 2015 and 3.3 percent in 2016, compared with an estimated growth of 2.6 percent in 2014.

About United Nations World Economic Situation and Prospects (WESP) report

This report is published at the beginning of each year by the combined efforts of

• UN Department of Economic and Social Affairs.
• UN Conference on Trade and Development (UNCTAD).
• 5 UN regional commissions.
• World Tourism Organisation (UNWTO).

Month: Current Affairs - January, 2015