India is projected to grow by 7.7% in fiscal 2017, remaining the fastest growing large developing economy, as it benefits from strong private consumption and gradual introduction of significant domestic reforms, a United Nations report said. The United Nations World Economic Situation and Prospects (WESP) 2017 report launched today said India's economy is projected to grow by 7.7% in fiscal year 2017 and 7.6% in 2018, benefiting from strong private consumption. The World Bank too decelerated India's GDP growth for 2016-17 fiscal to 7% from its previous estimate of 7.6% citing the impact of demonetization. It estimated that in the 2016 fiscal, India grew by 7.6%. The report said the world economy expanded by just 2.2% in 2016, the slowest rate of growth since the Great Recession of 2009.

Source: dna January 17, 2017 17:09 UTC