It’s time for celebration, as after the depressing slowdown, India is again poised to win back the title of the fastest growing economy from China. A report by the United Nations said that the country’s economy is expected to grow at about 7.2 per cent.
Even though the growth rate falls short of the expectations of the government but it may help us in winning the fastest growing economy’s titles from China. India lost the title in 2017 after the Prime Minister Narendra Modi outlawed the old 500 and 1000 currency notes, thus bringing the cash bringing economies to a halt. Before the Indian economy could even stop mourning the currency outlaw decision, the government brought out another tax reform called GST. Even after all this, the United Nations has said in a report that the outlook of India looks positive and supported by the robust private consumption and public investment as well as the currently processing structural changes and reforms. Such predictions have not only been made by the United Nations but other popular personalities like Morgan Stanley, Moody’s, etc. have also predicted a positive future of the Indian economy.
By: Srishti Anand