India Ratings projects economic growth at 7.1% next fiscal

India Ratings and Research today projected the country's economic growth to improve to 7.1 per cent next fiscal from 6.5 per cent this year, buoyed by robust consumption demand and low commodity prices. 

In its outlook for 2018-19, the agency said there will be a gradual pick up in growth momentum owing to structural reforms like GST



and Insolvency and Bankruptcy Code in place.India Ratings, a subsidiary of Fitch Ratings, further said GDP is expected to grow 7.1 per cent year-on-year in 2018-19. 

The projection is a tad lower than 7.4 per cent growth estimated by Asian Development Bank and International Monetary Fund for next fiscal.