New Delhi: India is expected to regain the world's fastest-growing major economy tag as it is likely to clock 7-7.5 percent growth rate in FY19, up from 6.75 percent in the current fiscal, the Economic Survey said today.
The economy, said the survey for FY18, will grow on the back of major reforms which would be strengthened further in the next financial year.
The survey was tabled in Parliament by Finance Minister Arun Jaitley.
"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7 to 7.5 percent in FY19, thereby re-instating India as the world's fastest-growing major economy," it said.
The reform measures undertaken in FY18 can be strengthened further in FY19, it said. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging market and developing economies.
It said that the GDP growth has averaged 7.3 percent from FY15 to FY18, which is the highest among the major economies of the world.