India's GDP is forecast to grow at its fastest pace in 2018-2019 in three years at 7.2%, while gross value added is predicted to rise 7%, according to first advance estimates by the country's Central Statistics Office. The strong expansion of the economy, which is recovering from demonetisation and the introduction of the Goods and Services Tax, will be driven by 8.3% and 8.9% growth in the manufacturing and construction industries, respectively. Further, private investment in the economy will see an uptick with gross fixed capital formation expected to increase 12.2%, with investment underpinned by government spending.
India's GDP is forecast to grow at its fastest pace in three years in 2018-2019 at 7.2%, while gross value added is predicted to rise 7%, according to first advance estimates by the country's Central Statistics Office. The strong expansion of the economy, which is recovering from demonetisation and the introduction of the Goods and Services Tax, will be driven by 8.3% and 8.9% growth in the manufacturing and construction industries, respectively. Further, private investment in the economy will see an uptick with gross fixed capital formation expected to increase 12.2%, with investment underpinned by government spending.