The World Bank on Wednesday projected an economic
growth rate of 5.7 per cent in fiscal year 2015 for India on the back of a more
competitive exchange rate and many large investments going forward.
The World
Bank said in its latest edition of 'South Asia Economic Focus ' that bolstered
by permanently more competitive exchange rate and progress towards clearance of
important investment projects, India may see an acceleration of growth (factor
costs)in FY 2014 to 4.8 per cent, further increase to 5.7 per cent in FY 2015.
Another
multilateral agency , the Internatonal Monetary Fund (IMF) had yesterday
forecast that Indian economy would recover from 4.4 per cent growth in2013
to 5.4 per cent in 2014. The estimate triggered a rally on Indian bourses, with
BSE benchmark Sensex surging close to 360 points to all-time closing high of
22,702.34. The Indian rupee, which plunged to all-time low of 68.85 in August
last year, has since then recovered to trade in 60-levels against the US
dollar. The IMF had also cited export competitiveness as a reason for possible
growth recovery.
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