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  3. UN lowers India’s GDP growth forecast to 7.5% for 2016

UN lowers India’s GDP growth forecast to 7.5% for 2016

15 Jan 2016 Evaluate
United Nations has downgraded its GDP growth forecast for India for 2016 to 7.5 per cent from 8.2 per cent estimated earlier amid slow progress in implementing reform policies proposed by the new administration. United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its report has said that the potential for even higher economic growth in some other major economies in the region has been held back due to slow progress in implementing reform policies. UN has said that implementation of such reforms can lead to significant growth acceleration in India.
The UN report further highlighted that instead of any significant acceleration, India is forecast to record growth that is largely unchanged from that recorded in 2014. In the year 2015, India is expected to see better growth compared to China, but the higher rate is due to a change in the methodology of computing GDP in recent years rather than an increase in the growth rate. ESCAP says that China is expected to grow at 6.5 per cent in 2016, lower from 6.8 per cent estimated earlier. 
The report notified that despite expectations of expedient implementation by new administrations, India has already undertaken a number of significant economic reforms.
These include reform of land acquisition and labour laws and establishment of a nationwide goods and services tax. It further stated that there have been delays in instituting some major reforms which had been expected. It also stated that the government eased restrictions on foreign direct investment and introduced online services to enhance the business environment.
Meanwhile, the government recently lowered its economic growth forecast for 2015-16 to 7-7.5 per cent from 8.1-8.5 per cent. UN said that Indian government had considerable success in improving financial inclusion, which will help to spur domestic consumption.

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