India becoming world’s fastest growing economy: Minister

31-December-2018

The share of the Indian economy in the world, measured as a ratio of India’s gross domestic product (GDP) to world’s GDP at current US dollar, has increased from 2.6 per cent in 2014 to 3.2 per cent in 2017, according to the World Development Indicators database, Indian minister of state for finance Pon Radhakrishnan recently told parliament.

The average share of the Indian economy in the world from 1960 to 2013 was 1.8 per cent. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 per cent, fastest among the major economies in the world, the upper house of parliament was informed.

The Indian economy is projected to be the fastest growing major economy in 2018-19 and 2019-20, according to International Monetary Fund October 2018 database. This is borne by the GDP growth of 7.6 per cent in the first half of 2018-19, an official press release quoted the minister as saying.

As per Central Statistics Office(CSO) estimates, the per capita income of the country increased from ₹86,647 in 2014-15 to ₹112,835 in 2017-18, recording a 30.2 per cent growth from 2014-15 to 2017-18.

Source: FIBRE2FASHION NEWS DESK