Indian Economy on Track for Strong Growth

India is expected to continue on its path of solid growth as recent numbers and statistics suggest. According to a World Bank report, it has become the world’s sixth largest economy, overtaking France. Due to higher government spending and investment, the country’s economy has grown at around 8 percent in the three months ended March 2018, helping the country to a GDP of around USD 2.59 Trillion.

Within a decade, India has almost doubled its GDP and is expected to be the economic powerhouse of Asia with the Chinese economy shrinking and suffering due to the trade war with the US. In fact India is predicted to overtake UK in the near future as the 5th largest economy as well.

India continues to be the fastest growing economy in Asia with South Asia continuing to be the fastest growing sub region, according to an Asian Development Bank report. ADB Chief Economist Yasuyuki Sawadi maintains that in spite of rising trade crises, the region continues to thrive on account of protectionist trade measures implemented. ADB also expects India’s economic growth to rise to 7.3 percent this fiscal and to 7.6 percent in the next financial year.

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