The World Bank has projected India’s economic growth at 7.3% in the ongoing financial year and 7.5% in the two years after that. China’s growth is projected to slow to 6.2% in 2018-’19 and 2019-’20, and further to 6% in 2020-’21, the January 2019 Global Economic Prospects report said on Tuesday.

The global economy will grow at just 2.9% in 2018-’19, and 2.8% in the two following fiscal years, the report said.

“India’s growth outlook is still robust,” World Bank Prospects Group Director Ayhan Kose told PTI in an interview. “India is still the fastest growing major economy.”

“With investment picking up and consumption remaining strong, we expect India to grow 7.3% in the fiscal year 2018-’19, and average 7.5% in 2019 and 2020,” he added. “India registered quite a bit of pick-up in [ease of] doing business ranking. The growth momentum is there.”

The World Bank said the effects of the implementation of the Goods and Services Tax on the Indian economy have waned. “In India, growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane,” the World Bank said. “However, rising interest rates and currency volatility are weighing on economic activity.”

On Monday, the Indian government had pegged the Gross Domestic Product growth at 7.2% in 2018-’19. The GDP grew at 7.1% in the July-September 2018 quarter, against 8.2% in the April-June 2018 period.