The Goods and Services Tax (GST) as well as protracted issues of corporate and bank balance sheet problems pushed India's economic growth downward in 2017 but a gradual recovery is expected and the country's economy is forecast to grow at 7.2 percent in 2018, according to a UN report.
According to estimates in the UN Economic and Social Commission for Asia and the Pacific's (ESCAP) flagship publication the Economic and Social Survey of Asia and the Pacific, India's GDP grew at 6.6 percent in 2017, down from 7.1 percent in 2016.
The report said that India's GDP is forecast to grow 7.2 percent in 2018 and 7.4 percent next year.
In India, the recently introduced GST as well as weak corporate and bank balance sheets resulted in modest economic growth, but signs of recovery emerged in the second half of 2017, it said.
The recently introduced Goods and Services Tax (GST) as well as protracted issues of corporate and bank balance sheet problems pushed the growth rate of India downward in 2017, it said.
Developing Asia-Pacific economies are on track to record an overall growth rate of 5.8 percent in 2017, compared with 5.4 percent the previous year. They are projected to grow by 5.5 percent in both 2018 and 2019, with a slight moderation in China offset by a recovery in India and steady performance in the rest of the region.
In India, a gradual recovery is expected; private investme...