Indian economy to rise

Indian economy to rise

The new government seems to be working well for the Indian economy. The World Bank projections are showing better growth prospects for India, which are around 8 percent for the upcoming fiscal. The global financial assistance organization informed that cheap oil will be beneficial to the Indian economy. The region is well placed in the Indian ocean for the trade expansion and the government is also planning the same with right policy measures.

South Asia Economic Focus report, released after every six months in the financial year by the bank, pointed out that the fuel subsidy regime will undergo a revamp as the oil prices are all time low now. The export sector is a major concern for the economy.

Moody’s, US based credit rating agency already raised its sovereign ratings outlook for India from stable to positive. The projections will further assure investors for better returns from India. Fitch, another rating agency has also shown similar signs. The Organization for Economic Cooperation and Development (OECCD) has also promoted plans of Indian economic expansion. The OECD is known as the elite think tank of the advanced economies.

The Chief Economist Martin Rama from World Bank South Asia informed that the South Asia will exploit the potential of cheap oil prices to the fullest. The cheaper crude oil rates encourages government to remove subsidies, rationalize prices and the government treasury can reduce its burden, which will lead to sustainability in the economic environment. In the financial year 2015-16, India’s Gross Domestic Product will grow at the rate of 7.5 percent.

 

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