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World Bank cuts India's growth forecast to 7%

The World Bank has lowered its growth forecast for India to 7 per cent from 7.6 per cent in 2016-17.
●    The World Bank’s Global Economic Prospects January 2017 report added that the Indian economy is subsequently set to recover its growth momentum, with growth rising to 7.6 per cent in FY18 and further strengthening to 7.8 per cent in FY20.
●    Weak industrial production and manufacturing and services purchasing managers’ indexes (PMI), further suggest a set back to activity in the fourth quarter of FY2017.
●    This was further accentuated by other economic factors, the report added, leading to a slump in the entire year’s growth rate.
●    The report, however, noted that four key reforms in India in 2016 could help growth rebound.

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