TEHRAN - India's Gross Domestic Product (GDP) rate is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, according to World Bank forecast.

The forecast has been attributed to an upswing in consumption and investment in one of the fastest growing economies in the world.

China's economic growth is projected to slow down to 6.2 per cent each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.

In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent.

In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because of the slowdown in the Indian economy due to demonetization and implementation of the Goods and Services Tax (GST), the report said.

"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose was quoted as saying by India's state-run news agency PTI.

In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the report noted.

"India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonization and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said.

Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds, based on report findings.