Indian economy to advance 7.3% in 2018-19, fastest growing: World Bank
June 6 : India is projected to regain its position as the world's fastest growing major economy advancing 7.3 per cent this fiscal year and 7.5 per cent in the next two "as factors holding back growth in India fade", according to the World Bank forecasts.
The growth projections reflect "robust private consumption and strengthening investment," the bank's Global Economics Prospects report released on Tuesday said.
"India's GDP growth bottomed out in the middle of 2017 after slowing for five consecutive quarters, and has since improved significantly, with momentum carrying over into 2018 on the back of a recovery in investment," the report said.
India has overcome the temporary disruptions caused by the implementation of the Goods and Services Tax (GST) by mid-2017, and manufacturing output and industrial production have continued to firm, it added. Per capita growth rates "are strong" and are expected to help bring down poverty in coming years, it said.
The World Bank forecasts are slightly lower than two other projections by international bodies published in April and May.
In May the UN projected a growth rate of 7.5 per cent for 2018 and 7.6 per cent for 2019, while in April the International Monetary Fund forecast 7.4 per cent for 2018 and 7.8 per cent for 2019.
The bank said that in India there has been a further deterioration in trade and current account balances because of accelerating import grown amid strengthening domestic demand and higher energy prices.
The global economic picture painted by the bank is not as rosy as it is for India.
"After reaching 3.1 per cent in both 2017 and 2018, global growth is expected to moderate over the next two years as global slack dissipates, major central banks gradually remove policy accommodation, and the recovery in commodity exporters matures," the report said.
It expected the global growth rate to go down to three per cent in 2019 and 2.9 in 2020.
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Pankaj Advani bags record 28th World Billiards title
New Delhi, Nov 9: Ace Indian cueist Pankaj Advani clinched a historic 28th world title, seventh in a row, defeating England’s Robert Hall 4-2 at the IBSF World Billiards Championship in Doha on Saturday.
Advani’s winning streak had begun in 2016 and has also survived two years (2020, 2021) of vacuum created by the Covid-19 pandemic.
Hall took an early lead in the opening frame, but the Indian rallied to reach the magic 150 first. He then delivered an astonishing unfinished 147 break in the second frame, leaving Hall stunned. The third frame was a masterclass in tactical brilliance from both finalists.
Advani emerged victorious in the cerebral duel, positioning himself just one frame away from making history.
However, Hall refused to bow out quietly, crafting a flawless 151 break in the fourth frame to keep his hopes alive.
The fifth frame saw Hall on fire once more, delivering another stunning 154 break to level the pressure on Advani.
But the Bengaluru man elevated his game in the sixth frame with a crucial century break. After a series of strategic safety exchanges, the Indian maestro crossed the finish line.
“It feels amazing to be on a winning streak of world billiards titles. It wasn’t easy though. The competition was tough.
“When I was not in full flow, it was my brother Shree, a sports psychologist, who came to the rescue. He helped me stay in the present and kept the scoreboard ticking. This win is for my country and family,” said Advani.
Score (Final): Pankaj Advani (India) beat Robert Hall (England): 151(71)-94(87), 151(147)-0, 150-84, 74(74)-151(151), 6-154(154), 152(105)-46.
