Indian Economy

Indian economy expected to grow by 5.5% in current fiscal: UN

i. India’s economy is expected to record stronger growth momentum of 5.5 percent in the current fiscal, underpinned by “solid expansion” in industrial and services sectors, and impetus to economic reforms by the new government, according to a UN report.

ii. In its report, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said a fragile global economy has “weighed” on Indian economy in recent years, but “delays” in tackling “structural impediments”, such as rising inequality, high inflation and infrastructure shortages have also affected the growth rate.

iii. “Indian economy expanded by 4.7 per cent in the fiscal year 2013, up from 4.5 per cent in the previous year. This rate is, however, far below the 9.5 per cent pace registered in the years prior to the global financial crisis,” said the report, released at a meeting of UNESCAP.


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