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The Indian economy is likely to maintain its growth at 7.6 per cent in 2016 and accelerate to 7.8 per cent in 2017 led by high urban spending, steady employment and low inflation, according to a United Nations report on Asia-Pacific.
“The near-term growth outlook is positive…Urban household spending is expected to drive economic growth amid steady employment growth and relatively low inflation,” said the United Nations Economic and Social Survey for Asia and the Pacific-2016 that was released on Thursday.
The Indian economy is estimated to have grown at 7.3 per cent in 2014 and 7.6 per cent in 2015, it added, noting that it was the fastest growing economy in the world.
While highlighting that the improvement in business environment and the lower borrowing costs would help fixed investment conditions, the report however, warned that high stressed assets and “fragile business confidence” could constrain investment growth.
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