World Bank pegs India's growth rate at 7.3% for current fiscal on robust consumption, continuous rise in investment
The Economic Survey 2017-18 had projected the growth rate of gross domestic product (GDP) for the year 2018-19 to be in the range of 7 to 7.5 percent
According to the World Bank report, global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook.
The risks and weakness in some of the economies have been due to a weak external demand, a challenging business environment, fiscal pressures and poor weather conditions.
The rosier outlook suggests the world economy is finally breaking free from a long and sluggish recovery after the global financial crisis.
The global economy is projected to strengthen this year, with growth picking up in developing countries and high-income economies appearing to be finally turning the corner five years after the global financial crisis.