14 April, New Delhi
The World Bank has predicted 8 per cent GDP growth rate of India by 2017 and said that a strong expansion in the country, coupled with favorable oil prices, would accelerate the economic growth in South Asia.
The bank in its semi-annual report said, in India, GDP growth is expected to accelerate to 7.5 percent in fiscal year 2015 -16 and India’s economic growth could reach 8 per cent in fiscal year 2017-18, on the back of significant acceleration of investment growth to 12 per cent during 2016 to 2018.
The Bank in the report also said that the country is attempting to shift from consumption to investment-led growth, at a time when China is undergoing the opposite transition.
In an another report, ‘World Bank’s study of remittance’, the Bank has said that India continues to be the leading nation in remittances pulling in 70 billion US dollar from its global migrant workforce in 2014.
The report said, total remittances through out the world in 2014 reached 583 billion US dollar. It said that while United States, Saudi Arabia, Germany, Russia and the United Arab Emirates remained the top five migrant destination countries, India, China,Philippines, Mexico and Nigeria are the top five remittance recipient countries.