India to beat China again: To re-emerge fastest growing economy; IMF predicts 7.4% GDP growth this year

India to beat China again: To re-emerge fastest growing economy; IMF predicts 7.4% GDP growth this year IMF projected India’s GDP growth at 7.4 in the year 2018 and 7.8% in 2019

International Monetary Fund (IMF) on Monday predicted India’s GDP growth at 7.4 in the year 2018 and 7.8% in 2019, to regain its position as fastest-growing major economies as China emerges as no rival. In its Spring 2018 report, IMF predicts that with growth “picking up” after falling sharply in the second quarter of 2017 due to “one-off factors”, India in 2018 and 2019 would re-emerge as fastest-growing major economies.

Meanwhile, China is expected to grow respectively at 6.6% and 6.4% in the two years. IMF said that India has made progress on structural reforms in the recent past. Praising the implementation of the Goods and Services Tax (GST), IMF said that it will help India increase tax compliance, efficiency, and help reduce internal barriers.

Source: Financial Express