India becomes world’s fastest-growing economy as it outstrips China

India has become the fastest growing large economy in the world, surpassing that of China. Figures which were released bt Central Statistics Office have confirmed the country grew by 7.3 % from October to December, while China grew 6.9% in the same period. The figures will be good news for Prime Minister Narendra Modi who swept to power in 2014 on the single agenda of development. However, investors remain sceptical over the tardy pace of reforms and the red tape that has a strong hold over every sphere of government.

We will protect the common man’s interest against Mr Modi’s government which only supports the rich and a few industrialists.

Dr Ajoy Kumar, spokesperson of the Congress Party

Some observers doubt the accuracy of the figures which have been calculated using a new method including added value from good including rural motorbike sales and rail freight. It has been endorsed by the Reserve Bank of India. Analysts believe there is a disconnect between the revised and the general economic indicators of growth. Modi has tried to kickstart India’s flagging economy through a slew of reforms in the road, railways and coal industries, but what is missing are big-ticket reforms in the national taxation system, land and labour amendments.

India growth