TNPSC Current Affairs April 2017
Gross Domestic Product (GDP) is a final value of all the finished Goods and services produced within the geographical boundary of the country during the specified period, especially a Year. It is an important indicator of Growth of the Country.
India’s economy will grow by 7.2% in 2017-18: World Bank Report.
World Bank Report said that India’s Economy will grow by 7.2% in 2017-18 from its previous 6.8% after a modest setback due to demonetization. It also said that the growth will further rise to 7.5% during fiscal year 2018-19.
Highlights about report:
- Report said that India’s Economy expected to grow 7.2 % in 2017-18 and will further rise to 7.5% in 2018-19.
- It also said that South Asia remains the fastest growing region in the world, the growth rate is expected to rise from 6.7% in 2016 to 6.8 % in 2017.
- Report also warned against significant risks to India’s Favourable growth outlook, which stressed uncertainties in global environment, unclear impact of demonetisation on small and informal industries, rapid hikes in prices of oil and other products
- But Timely and smooth implementation of the GST could prove to a significant benefit to economic activity of India
What is GDP: