India to grow at 7.7% in 2018 in face of newer global challenges: Jaitley

India’s economy ia set to grow at 7.2% this year though emerging markets will face newer global challenges, finance minister Arun Jaitley said on Saturday.
Speaking at the second annual meeting of the New Development Bank (NDB) in New Delhi, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18.
“Indian economy is expected to grow at 7.2% in 2017 and at the rate of 7.7% in 2018.”
Jaitley said emerging market economies (EMEs) face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension.
India has sought $2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa.
“India has huge unmet infrastructure funding needs.. $646 billion is required in next five years (for financing infrastructure),” Jaitley said.
He said growth in emerging and developing countries is picking up and news from economies of BRICS countries is “encouraging”.
“I hope that NDB will emerge as a development bank and help in funding of emerging economies,” Jaitley added.

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