World Bank report ;India Development Update

India development update : financing double-digit growth

Question: At what percent did World Bank retained the growth rate for India in 2016-17, in its report named “India Development Update- Financing Double Digit Growth”?
(a) 7.6
(b) 7.5
(c) 7.2
(d) 7.3
Ans:(a)
Related facts:

  • On 19 June 2016 World Bank published its “India Development Update- Financing Double Digit Growth report”.
  • The World Bank’s” India Development Update” is a bi-annual report on the economy and its prospects.
  • According to the reports India’s economy expanded at a faster pace even as several growth engines stalled: agriculture faced a second consecutive drought year, rural households were under stress, private investments flat-lined, and exports plummeted.
  • Despite these drags, the working engines demand from urban households and public investments propelled the economy to a higher growth path.
  • According to the reports the GDP growth accelerated to 7.6 percent y/y in Financial Year 2016.
  • The GDP growth rate was an average of 6.5 percent during Financial Year 2013 to Financial Year 2015.
  • Gross value-added (GVA) growth also accelerated, led by a pickup in industrial activities and a reliable contribution from services.
    India is expected to remain on this growth path and sustain the 7.6 percent growth rate into Financial Year 2017.
  • In the report growth rate of the Indian economy is estimated to be 7.7% and 7.8% in the financial year 2017-18 and 2018-19 respectively.
  • In contrast, private consumption accelerated to 7.4 percent y/y in Financial Year 2015-16 from 6.2 percent in Financial Year 2014-15
    Growth in manufacturing and services is likely to be at 7.4% and 8.9% respectively which have created jobs in Urban areas.
  • The rate of inflation was low mainly due to lower food prices.

Reference:
http://documents.worldbank.org/curated/en/2016/06/26497906/india-development-update-financing-double-digit-growth
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2016/06/16/090224b0843d31d3/1_0/Rendered/PDF/India0developm00double0digit0growth.pdf
http://timesofindia.indiatimes.com/city/delhi/World-Bank-retains-7-6-growth-rate-for-India-in-2016-17/articleshow/52834784.cms
http://www.business-standard.com/article/economy-policy/world-bank-retains-7-6-growth-rate-for-india-in-2016-17-116062000730_1.html