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World Bank India's GDP forcast unchanged at 7.3%

The World Bank on Wednesday kept India's gross domestic product (GDP) forecast unchanged at 7.3 percent for 2018-19 and 7.5 percent in 2019-20, but warned that escalation of the Sino-US trade war could have a profound impact on the emerging market and developing economies. 

Key points (Source: Mint.com)

India's growth has accelerated, driven by an upswing in consumption, and strengthening of investment growth amid harmonization of the goods and services tax rates. 

It is of paramount importance for EMDEs to rebuild policy buffers. 

Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6% of GDP next year. 

Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2-6%, mainly owing to energy and food prices. 

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