India is poised to remain the fastest growing large economy in the world and its GDP is expected to reach $5 trillion by 2025, as the economic reforms adopted in the last few years have started to bear fruit, a top Indian official has told the World Bank.
Giving an overview of the South Asian countries - Bhutan, Nepal, Bangladesh and Sri Lanka - Economic Affairs Secretary Subhash Chandra Garg said that India continued to be a beacon of growth in the region.
“India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4%,” Garg told the 97th meeting of the Development Committee of the World Bank here Saturday.
Transformational reforms such as the Goods and Services Tax (GST), and initiatives such as the Insolvency and Bankruptcy Code, recapitalisation of banks, and unclogging of infrastructure investments will support such elevated growth, he told the World Bank.
“In the last few years, India has undertaken massive structural reforms toward formalisation of the economy and fostering digital financial inclusion,” he said, adding that the country had grown at an average of 7.2% per annum in the last four years and was continuing on the trajectory of sustained growth.
“India’s GDP is expected to reach a volume of $5 trillion by FY2025 by leveraging on digitisation, globalisation, favourable demographics and structural reforms,” Garg added.
In the absence of Union Finance Minister Arun Jaitley, Garg is leading the Indian delegation for the annual Spring Meeting of the International Monetary Fund and the World Bank.
India, he said, has accorded top priority to addressing its infrastructure deficit to sustain economic growth.
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