India to lead the growth charts this year according to a World Bank report, with an estimated 7.5% growth rate, the highest in the world!
For the first time ever, India races ahead of China in growth with a whopping 7.5 % growth rate as estimated by the World bank in comparison to China’s 7.1%, making India a leader in the growth rate charts of the Bank in the upcoming year.
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This was reported in the latest Global Economic Report released on 10th June. Kaushik Basu, World Bank Chief Economist and Senior Vice President said, “With an expected growth of 7.5 per cent this year, India is, for the first time, leading the World Bank’s growth chart of major economies.”
The average growth rate of developing countries for this year is 4.4 per cent, with a likely rise to 5.2 per cent in 2016, and 5.4 per cent in 2017.
India’s growth has been mainly due to oil import reforms that have buoyed confidence and falling oil prices that have reduced vulnerabilities, thus paving the way for the economy to grow by a robust 7.5 per cent rate in 2015.
The growth in South Asia, the zone in which India lies, will continue to be high because of the decline in global oil prices and improvements in fiscal and current accounts which have enabled subsidy reforms in countries and have also eased the monetary policy.