The World Bank has lowered India's GDP growth forecast to 5.5 per cent for 2014-15, from the earlier forecast of 5.7 per cent. The World Bank report, however, said that India's growth would accelerate to 6.3 per cent in 2015-16, and 6.6 per cent in 2016-17.It attributed the acceleration in growth rate to rising global demand, the expected rebound in domestic investment and pick-up in manufacturing activities. The Report added that implementing the Goods and Services Tax regime, targeting subsidies better, and broadening the tax base will help create the fiscal space for supporting accelerated growth and poverty reduction.