Dr Poonam Gupta, Senior Economist, World Bank, presented an update on the Indian Economy, at this seminar held at NCAER. World Bank’s India Development Update notes that aided by reform measures and a supportive external environment, the Indian economy seems to have turned the corner with significant improvement in economic outlook. Most indicators point toward improved macroeconomic conditions–growth has accelerated, inflation has declined, current account deficit has narrowed, and external reserves have increased. Following robust growth last year, GDP growth at market prices is expected to accelerate to 7.5 percent in 2015-2016, 7.9 percent in 2016-17 and reaching 8.0 percent in 2017-2018. Economic growth however remains lopsided, with consumption being the largest contributors. Additional drivers, such as exports and investment, need to make more significant contributions for the growth momentum to be sustainable. Spurring exports and investment will require deeper structural reforms, stepping up infrastructure investment, and decisive measures to unlock private investment.
Poonam Gupta is a Senior Economist at the World Bank in Washington DC working in the office of the Banks’ Chief Economist. She was previously the RBI Chair Professor at NIPFP. She has also worked at the International Monetary Fund and taught at the Delhi School of Economics. Her research has been published in leading academic journals including in the Journal of Finance and the Journal of International Economics, and has been featured in The Economist, Financial Times, Wall Street Journal and in leading Indian dailies. She has a Ph.D in International Economics from the University of Maryland and an M.A. in Economics from the Delhi School of Economics.