According to a UN economic report, India's economy is projected to grow by 7.7% in 2016-17 and 7.6% in 2017-18, benefiting from strong private consumption. Interestingly, this comes after the International Monetary Fund slashed India's growth forecast for 2016-17 to 6.6% from its previous estimate of 7.6%. Meanwhile, the World Bank predicted India’s growth for 2016-17 to be 7%.