India is projected to grow by 7.7 percent in fiscal 2017, remaining the fastest growing large developing economy, as it benefits from strong private consumption and gradual introduction of significant domestic reforms, a United Nations report said.
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The United Nations World Economic Situation and Prospects (WESP) 2017 report launched today said India's economy is projected to grow by 7.7 percent in fiscal year 2017 and 7.6 percent in 2018, benefiting from strong private consumption. It however cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term. China's growth on the other hand is projected to remain stable at 6.5 percent for fiscal years 2017 and 2018, supported by favourable domestic demand and accommodative fiscal measures, including off-budget fiscal support through policy banks and public-private partnerships.
However the implications of China's ongoing economic rebalancing will inevitably be felt by the region in the medium and long-run through trade (including commodity prices) and financial channels, albeit to a varied extent across countries, the report added.
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