India has 'enormous growth potential', says World Bank

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India has 'enormous growth potential', says World Bank
India has 'enormous growth potential', says World Bank

New Delhi : With an ambitious government taking comprehensive reforms, India has 'enormous growth potential' compared to other economies, says World Bank on Wednesday.

It also projected India's growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.

Despite initial troubles of demonetisation and Goods and Service Tax, India estimated to have grown at 6.7 per cent in 2017, according to the 2018 Global Economics Prospect released by the World Bank.

"In all likelihood India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn't focus on the short-term numbers. I would look at the big picture for India and the big picture is telling us that it has enormous potential," Ayhan Kose, Director, Development Prospects Group, World Bank, told PTI in an interview.

Kose claimed that in order to boost India's potential, it needs to take steps to boost investment prospects. 

There are measures underway to do in terms of non-performing loans and productivity, he said.

"On the productivity side, India has enormous potential with respect to secondary education completion rate. All in all, improved labour market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India's prospects," Kose said.