In an encouraging sign of things to come in the ensuing financial year, the World Bank has predicted the Indian economy to register a growth rate of 7.3% in 2018-19.

It has also endorsed India’s decision to embrace the uniform tax regime GST and has said that things are proceeding in just the ‘right direction’ for India. The predicted economic growth is 0.6% more than that of the current financial year 2017-18 which is pegged at 6.7%. The World Bank has further said that India has overcome the hiccups of demonetization and GST regime and managed to recover very well.

It is also predicted that India’s economic growth during the next couple years would be higher than that of China, says Ayhan Kose, Director of World Banks’ Development Prospects Group. “India has benn doing very well compared to other countries and is destined for a huge leap in future,” he said and added that on the contrary, China’s economic growth was likely to come down.

“India’s economic growth might be around 7.5% in the year 2019-20,” Kose said and said that Chinese economic growth, which was only 6.8 during the current financial year, is likely to go down in the coming years.  He lauded that implementing the GST at the right time was one of the factors contributing to India’s growth.  “India’s far-sightedness in its economic outlook has helped matters a lot,” Kose opined.