India’s growth rate to overtake China’s in 2015
According to the World Bank’s projections, India would be the fastest growing major economies of the world in the year 2015. It was revealed in Global Economic Prospect report on 11.06.2014 by Chief Economist and senior vice President World Bank. During the quarter January-March 2015, Indian economy could grow at 7.5% against China’s 7%. The World Bank has estimated that India’s growth rate in calendar year 2015 would grow at 7.4% against China’s 7.1%. The Govt’s economic survey had projected India’s growth rate between 8.1% to 8.5% in 2015-16. However, World Bank has projected India’s growth rate at 7.9% in 2016-17 against China’s 7.4%. However in 2015 and in subsequent years, India’s growth rate would be overtaking that of China.
According to Global Financial Services Major i.e. city group has estimated still a higher growth of India in 2015-16. As per its estimates, India GDP growth rate is likely to revived to 7.9% in 2015-16 and 8.1% for 2016-17. This is possible due to structural reforms and higher investments in Indian economy.
On the whole, World Bank expects developing economics to grow 4.4% in the current year and likely to grow at 5.2% in 2016 and 5.4% in 207. Though World Bank’s estimates are slightly low than govt., it is a matter of great satisfaction for India that our growth rate would soon overtake China.