Home News Top News India remains one of fastest-growing countries in the world, says White House

    India remains one of fastest-growing countries in the world, says White House

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    Image caption: India still one of the fastest-growing countries in the world Image source: justprop.com www.justprop.com

    India remains one of the fastest-growing countries in the world with real GDP expanding at 7.3 per cent in the four quarters through 2016:Q3, the White House said.  It also   underlined that inefficiencies remain in the public sector of the country with the poor population still lacking healthcare coverage and access to financial services, said the Economic Report of the President for the year 2017.   The voluminous report running into nearly 600 pages says that economic growth in India continues at a solid pace of a projected 7.4 per cent over the four quarters of 2016.   Private consumption has been a major driver in economic growth, contributing 4.3 percentage points. The report also noted the countries that export to China and the advanced economies have suffered due to the slowdown in those important markets.  The White House said as China’s economy grew to 15 per cent of global GDP in 2015, targeted industrial policies have made it the world’s largest manufacturer and the dominant producer of some key goods in the global marketplace.  In 2016, credit growth has been rapid, increasing financial risks, with credit to the non-financial sector as a percent of GDP now exceeding that of major emerging market economies, real estate prices hitting record highs, and distressed bank assets rising, it said.

    Source: naredco.in

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