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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020. This growth will be driven by strong domestic consumption and investment. With this, India remains fastest growing major economy in the world, ahead of China. However, it has revised India’s growth projections from 7.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">estimated in January 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of WESP as of Mid-2019</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Across both developed and developing countries, growth projections for 2019 have been downgraded. It is mainly due to unresolved trade tensions and elevated international policy uncertainty. Following an expansion of 3.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, world gross product growth is now projected to moderate to 2.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in 2019 and 2.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in 2020.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Risks that could trigger prolonged global slowdown:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Further escalation in trade disputes, sudden deterioration in financial conditions, and accelerating effects of climate change. The increase in frequency and intensity of natural disasters highlight rising threats from climate change, particularly for the most vulnerable economies.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Monetary Policy:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> The slowdown in global economic activity has triggered shift towards easier monetary policy stances across many developed and developing economies. This shift is taking place in environment of subdued global inflation, amid weakening demand and moderate outlook for global commodity prices.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">South Asia:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It remains on strong growth path, even as forecasts have been revised downward. Following an expansion of 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, GDP growth is estimated at 5.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2019 and 5.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2020. However, across region, output continues to be constrained by infrastructure bottlenecks. Indian economy accounts for two-thirds of regional output in South Asia.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India’s growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> India's economy is projected to grow at 7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in the fiscal year 2019 and 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020 on the back of strong domestic consumption and investment. India's exports remain more robust, as around half of exports are destined for faster-growing Asian markets.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About WESP report</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is joint product of United Nations Department of Economic and Social Affairs (UN/DESA), United Nations Conference on Trade and Development (UNCTAD) and five UN regional commissions.</span></span></span></span></p>
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'title' => 'India projected to grow at 7.1% in FY20: UN-WESP Report',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020. This growth will be driven by strong domestic consumption and investment. With this, India remains fastest growing major economy in the world, ahead of China. However, it has revised India’s growth projections from 7.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">estimated in January 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of WESP as of Mid-2019</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Across both developed and developing countries, growth projections for 2019 have been downgraded. It is mainly due to unresolved trade tensions and elevated international policy uncertainty. Following an expansion of 3.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, world gross product growth is now projected to moderate to 2.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in 2019 and 2.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in 2020.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Risks that could trigger prolonged global slowdown:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Further escalation in trade disputes, sudden deterioration in financial conditions, and accelerating effects of climate change. The increase in frequency and intensity of natural disasters highlight rising threats from climate change, particularly for the most vulnerable economies.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Monetary Policy:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> The slowdown in global economic activity has triggered shift towards easier monetary policy stances across many developed and developing economies. This shift is taking place in environment of subdued global inflation, amid weakening demand and moderate outlook for global commodity prices.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">South Asia:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It remains on strong growth path, even as forecasts have been revised downward. Following an expansion of 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, GDP growth is estimated at 5.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2019 and 5.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2020. However, across region, output continues to be constrained by infrastructure bottlenecks. Indian economy accounts for two-thirds of regional output in South Asia.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India’s growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> India's economy is projected to grow at 7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in the fiscal year 2019 and 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020 on the back of strong domestic consumption and investment. India's exports remain more robust, as around half of exports are destined for faster-growing Asian markets.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About WESP report</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is joint product of United Nations Department of Economic and Social Affairs (UN/DESA), United Nations Conference on Trade and Development (UNCTAD) and five UN regional commissions.</span></span></span></span></p>
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