White House: India one of fastest-growing countries in the world
Economic Report of the US President for the year 2017 has said that India, with real GDP expanding at 7.3% is one of the fastest-growing countries in the world. According to the report, with 7.4% growth over the four quarters of 2016, India’s economic growth is likely to continue at a solid pace. The 600-page report has pointed out that the private consumption is a major driver in the economic growth of India which has contributed around 4.3 percentage points to its 7.3% real GDP growth rate. The report has said that the lower inflation coupled with fiscal consolidation over the last year has helped to stimulate growth in India. On the flip side, the report has pointed out to the inefficiencies of the public sector and inaccessibility of poor people to health care coverage, educational attainment, and financial services in India.
The report has also highlighted that the Chinese economy has grown to 15% of global GDP in 2015. According to the report, China’s targeted industrial policies have enabled it to become the world’s largest manufacturer and the dominant producer of some key goods at the global level.