A report by the United Nations says India's economy is projected to grow at 7.1 per cent in the fiscal year 2020 on the back of strong domestic consumption and investment.
The report which was released yesterday said, the Indian economy expanded by 7.2 per cent in 2018. However, it said, GDP growth is a downward revision from the 7.4 per cent estimated in January this year.
The report said, strong domestic consumption and investment will continue to support growth, which is projected at 7.0 per cent in 2019 and 7.1 per cent in 2020.
The estimates for India, however, reflect a downward revision from the projections made in the World Economic Situation and Prospects 2019 report released in January this year. That report had estimated that India would grow at 7.6 per cent in the fiscal year 2019 and 7.4 per cent in 2020.
The World Economic Situation and Prospects (WESP) 2019 Mid-year Update noted that growth projections for 2019 have been revised downward in all major developed economies.
The growth outlook for many developing economies has also weakened, it said, adding that despite downward revisions, growth in India remains strong amid robust domestic demand. (AIR NEWS)