Explanation:

As per latest UN World Economic Situation and Prospects (WESP) report 2018, India’s GDP growth forecast for 2018-19 is 7.6%

•  India's economy is expected to grow at 7.4% during 2018-19, 7.6% in 2019-20, and 7.4% in 2020-21.
•  The reasons for high growth projections are robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.
• However, for a sustained and a more robust growth, sustained recovery of private investment remains a crucial challenge.
• Other major challenge is the job creation rates in the formal sector, leaving many workers underemployed or in low-salary jobs. Strengthening labour market indicators is a crucial aspect to forge a more inclusive development trajectory.
•  Female labour force participation remains low and is declining.
•  Earlier, International Monetary Fund (IMF) too had projected India’s GDP to expand 7.5% in FY20 and 7.7% in FY21.