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India could benefit from stronger global growth next fiscal

India could benefit from stronger global growth next fiscal

MUMBAI: India will benefit from stronger global growth in the fiscal 2019 provided there are no more after effects from the implementation of the new goods and services tax (GST) and the economy manages to tide over the asymmetry in monetary policy of advance economies together with higher crude oil prices, rating agency CrisilBSE 0.40 % said in a report on Tuesday.  Though global economic growth recovered in 2017, India could not take advantage because of domestic disruptions. India’s export led sectors like leather, textiles and gems and jewellery which were already reeling from the demonetisation were hit further after GST which was implemented in July. “India’s export growth during April-October 2017 at 9.5% appears sedate compared with Vietnam’s 23.8%, South Korea’s 18.4%, and Indonesia’s 17.8%,” Crisil. However, global growth momentum is expected to continue in 2018 which means India’s exports may have a chance for a comeback provided there a .. chance for a comeback provided there are no further domestic disruptions. International Monetary Fund (IMF) expects global growth to rise to 3.7% in 2018 after picking up by an estimated 50 basis points (bps) to 3.6% in 2017.