India to remain a bright spot
NEW DELHI: India’s currency and stock markets were largely resilient over the past year, even during bouts of volatility in global financial markets, a World Bank report said. India will continue to be the bright spot of the global economy and is projected to grow at a robust 7.8 per cent in fiscal 2016-17, more than a percentage point higher than China’s, according to the World Bank. In its latest Global Economic Prospect report, the World Bank marginally reduced India’s growth rate — 0.2 per cent in 2015 and 0.1 per cent in both 2016 and 2017. However, India continues to be the bright spot of the global economy as Chinese growth is projected to slow further. India, the dominant economy in Asia, is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years. The World Bank estimates that China grew at an estimated 6.9 per cent in 2015 (0.3 per cent less than its June projection). According to the report, China is estimated to grow at 6.7 per cent in 2016 and 6.5 per cent each in 2017 and 2018. The growth rate projections is 0.3 per cent in 2016 and 0.4 per cent in 2017.