World Bank, IMF back India |
India`s growth story is being endorsed by both the World Bank and the International Monetary Fund. The two multilateral lending insitutions predict robust expansion for India as Asia`s third largest economy due to reform initiatives launched by the Narendra Modi government and the impact of lower global oil prices. India will overtake China as the fastest growing economy by 2015-16, feel economists. A World Bank report says India`s economy is expected to accelerate to 8% in 2017-18 after a growth of 7.6% in 2015-16.
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