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WASHINGTON -- India is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years, the World Bank forecast today citing strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices.
In its latest Global Economic Prospect report which is released every six months -- the World Bank marginally reduced India's growth rate 0.2 per cent in 2015 and 0.1 per cent in both 2016 and 2017.
However, India continues to be the bright spot of the global economy, as Chinese growth is projected to slow further.
The World Bank estimates that China grew at an estimated 6.9 per cent in 2015 (0.3 per cent less than its June projection).
According to the report, China is estimated to grow at 6.7 per cent in 2016 and 6.5 per cent each in 2017 and 2018.
The growth rate projections is 0.3 per cent in 2016 and 0.4 per cent in 2017.
While Russia and Brazil are expected to remain in recession in 2016.
"In contrast to other major developing countries, growth in India remained robust, buoyed by strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices," the World Bank said.
India's currency and stock markets were largely resilient over the past year, even during bouts of volatility in global financial markets, the report said.
Reserve Bank of India, it said, has rebuilt reserves while net Foreign Direct investment (FDI) flows have remained positive.
Ongoing fiscal consolidation in India has reduced the central government's fiscal deficit to close to 4 per cent of GDP (on a 12-month rolling basis), down from a peak of 7.6 per cent in 2009.
In the report, South Asia is projected to be a bright spot in the outlook for emerging and developing economies, with growth speeding up to 7.3 per cent in 2016 from 7 per cent in 2015.
The region has smaller trade links with China than other regions, and is a net importer of oil and will benefit from lower global energy prices.
For FY 2016-17, India, the dominant economy in the region, is projected to grow at a faster 7.8 per cent and growth in Pakistan (on a factor cost basis) is expected to accelerate to 4.5 per cent, the report said.
Trusty Ray-Bans make the determined armour for an energetic shopping day... (credit:Aashmita Nayar)
(02 of22)
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Sleepy, inviting hammocks at the start of the market. (credit:Aashmita Nayar)
(03 of22)
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Turns out you can buy a rainbow...from a grumpy lady (see below). I pay her the VERY fair price of Rs 10 (not in her opinion) per cheap, rainbow-y ankle thread. They last for precisely three hours on my ankle before being washed away in the sea. But till then I am happy, as fascinated by them as a to-be-Indian bride in a fancy jewellery store. (credit:Aashmita Nayar)
It's not a proper flea market visit without a mug of foamy, golden beer. The food's more of a sustenance affair - carbs to keep your legs walking through the market. The beer's a welcome respite - be in in the hot sunshine or breezy evenings. And the fuzziness that sets in later to hamper your bargaining skills is never minded. (credit:Aashmita Nayar)
(06 of22)
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Little colour bombs of wool to be threaded into your hair. Though God knows how you get them out later. (credit:Aashmita Nayar)
(07 of22)
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Throngs of colour! Brazilian-origin feather earrings that are OUTRAGEOUSLY priced - enough to offend thrifty Indian sensibilities (y'know the kinds that kick into action when you have to dole out an extra Rs 10 to the parking lot chappie). (credit:Aashmita Nayar)
(08 of22)
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Exquisite fish locks that sit as serene as the sea at dawn (it's only at afternoon that all noisy-touristy hell breaks loose on the beach). (credit:Aashmita Nayar)
(09 of22)
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Jewellery-selling locals are bound to treat you with disdain unless you sport blond hair or speak to them in Goan... a friendly smile, NOT calling them 'Bhaiya' or 'Boss' goes a long way. (credit:Aashmita Nayar)
(10 of22)
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In retrospect, this ice cream looks like toxic waste. Back then it fit right into the Goan psychedelic scheme of things. (credit:Aashmita Nayar)
(11 of22)
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A quiet moment behind iridescent curtains in a cacophonous market. (credit:Aashmita Nayar)
(12 of22)
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Before giving in to giant feathery earrings, consider that even a drop of sweat can spoil their giant, fluffy appearances. (credit:Aashmita Nayar)
(13 of22)
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It sits through the sands of time. (credit:Aashmita Nayar)
(14 of22)
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A perfect opportunity to buy something I'm never going to use! (credit:Aashmita Nayar)
(15 of22)
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Sinking your toes into sun-warmed sand is therapeutic only at the beach - not at the flea market! (credit:Aashmita Nayar)
(16 of22)
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Cannot resist quoting spice is the variety of life, followed by a quick whack by friends for terrible pun. These spices bring back memories of accompanying mom on shopping trips inside musty stores with fat sellers in mustard-stained pyjamas. Even now as I dip my fingers into their powdery interiors (on the pretext of examining quality), I can almost hear my mom admonishing me not to. Something about their crumbly structure boxed up neatly makes me want to rip open the bags and watch them colour the air. Eventually after enough rummaging.... atchoo! (credit:Aashmita Nayar)
(17 of22)
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Dangling at home alone, these stars take on a forlorn, cheesy persona. But here, clustered together in the bright Goan markets, they add some lustre to the term 'star-struck'. (credit:Aashmita Nayar)
(18 of22)
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These 'exotic' teas dot different corners of the bustling market like inky punctuation marks - a welcome break from the expanse of screaming colours blurring your vision. (Must ask: who has a palate for banana tea, anyway?) (credit:Aashmita Nayar)
(19 of22)
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There's a certain 'je ne sais quoi' about these tawdry plastic candle hangers, bad as an investment they are. Kind of like the playboy dance trainer your mother warned you to stay away from. (credit:Aashmita Nayar)
(20 of22)
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Mezmersing swirls of brightly-tinted cane work... the ideal prop for any children's room, these don't spoil easy. (credit:Aashmita Nayar)
(21 of22)
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More stars! (credit:Aashmita Nayar)
(22 of22)
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The final curtain: gently waving hammocks bid adieu to a golden day of flea-marketing. (credit:Aashmita Nayar)
-- This article exists as part of the online archive for HuffPost India, which
closed in 2020. Some features are no longer enabled. If you have questions
or concerns about this article, please contact
indiasupport@huffpost.com.