India beats China on GDP growth in 2015; may grow 7-7.5% in 2016
Hailed as “the bright spot” in a gloomier global economy, India outpaced China as the world’s fastest growing economy in 2015 and is expected to clock 7 to 7.5% growth in the new year provided the reform momentum continues and the business environment improves.
Finance Minister Arun Jaitley says that subdued global economy and moderate private sector investment will continue to pose challenges, while his top priorities for the new year include rolling out the long-delayed Goods and Services Tax (GST), rationalising direct taxes, ensuring further ease of doing business and putting more money for social and physical infrastructure.
While the need for further growth remain continued to be underlined by the experts as well as the policymakers as a key requirement for India to maintain its growth momentum, World Bank’s Chief Economist Kaushik Basu is confident that India can continue to top the charts with the fastest growth among all major economies.
Expecting India to grow at 7 to 7.5% in 2016, Basu said, “India will still be the leader among major economies. Not only in 2015, but we expect India to lead that chart in 2016 as well.”
Read full article: DNA India
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