New Delhi: The International Monetary Fund (IMF) has commented that it anticipates India to re-emerge as one of the fastest growing major economies in the 2018 - 2019. The IMF said this projecting the country's growth rate at 7.4 percent in 2018.
Moreover, the international financial organisation has predicted a growth rate of 7.8 percent for the coming year.
The growth of the Indian economy is picking up, after a sharp fall in the second quarter of 2017, said the IMF.
It further emphasised that the increase is mainly due to the strong private consumption, as well as fading transitory effects of demonetisation and implementation of the national Goods and Services Tax (GST).
India's projected growth provides an offset to China's gradual slowdown, stated IMF.
IMF, which is a world agency concludes that India will leave its nearest rival China behind, which is expected to grow at 6.6 percent in 2018 and 6.4 percent in 2019.
Earlier on April 17, the World Bank noted that the Indian economy had recovered from the effects of demonetisation and the GST and predicted a growth rate of 7.3 percent for the country in 2018.
The apex international financial institution noted that India should strive to accelerate investments and exports to take advantage of the recovery in global growth.