India is reclaiming its place as a growth leader, first deputy managing director of the International Monetary Fund (IMF) David Lipton said on Tuesday.

Addressing the Asian Financial Forum, Hong Kong, he also said that right now, the sun is shining on the global economy and capital-intensive investment and consumer demand are
rising.

“India is reclaiming its place as a growth leader after a short slowdown,” the IMF quoted Lipton as saying. With strong consumption and investment, rising exports, and steady capital inflows, the outlook for Asian region remains bright, he added.

Recently, World Bank had also projected India’s growth rate in 2018 at 7.3 per cent and 7.5 per cent in the next two years.