According to a report by the United Nations India's economy is projected to grow at 7.1 percent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 percent estimated in January this year.

As per the World Economic Situation and Prospects (WESP) 2019 Mid-year Update, which released on May 21, statement the Indian economy, which generates two-thirds of the regional output in South Asia, expanded by 7.2 percent in the year 2018.

The report said that, "Strong domestic consumption and investment will continue to support growth, which is projected at 7.0 percent in 2019 and 7.1 percent in 2020."