India's GDP ~ which shrank by 7.3 per cent under the onslaught of the pandemic last fiscal year ~ is expected to record the 8.3 per cent growth this fiscal year, making it the second-fastest-growing major economy.
Kumar attributed the expectation in growth to the structural reforms undertaken by the government of India like the Goods and Services Tax, Insolvency and Bankruptcy Code.
Ind-Ra said it expects private final consumption expenditure to grow 7.6 per cent in 2018-19 compared to 6.6 per cent in 2017-18.
Despite short-term challenges India's economic growth story remains intact and the country's GDP is expected to grow around 7.5 per cent in the current financial year.
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