India is fastest growing economy as GDP grows 7.6%

Jun 02, 2016, 08:00 am

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India's financial capital, Mumbai./ Photographed by Ha Man-joo

By Ha Man-joo, India correspondent, AsiaToday - India's gross domestic product (GDP) grew at 7.6 percent in 2015-16, maintaining its position as the world's fastest growing major economy, reported Indian media outlets including Business Standard (BS), Economic Times (ET), and Hindustan Times (HT) on Wednesday citing the Central Statistics Office data.

The GDP was 0.4 point up from 7.2 percent a year ago, and it marks the highest since the new GDP series was launched in 2011-12. China's economy grew at 6.7% while economies of other BRICS members Russia, Brazil, and South Africa contracted at -3.7%, -3.8%, and -1.3%, respectively.

Gurugram, Haryana./ Photographed by Ha Man-joo

India's GDP grew at 5.6% in fiscal 2013, and 6.6% in 2014. The economy has grown to 7% growth since Narendra Modi took office as it grew 7.2% in fiscal 2015 and 7.6% in 2016.

As a result, Modi government's economic policies such as GST constitutional amendment and labor law reform are likely to gain momentum.

India's economy grew at 7.9% in January-March, the fastest in six quarters.  

Make In India Week held on February 13 in Bandra-Kurla Complex, Mumbai,India./ Photographed by Ha Man-joo

According to the data, the service sector grew at 8.9%, the manufacturing grew at 7.3%, and agriculture at 1.2%.

India's fast economic growth trend is expected to continue this year. The Indian government expects GDP growth to be 7.0 - 7.75%, however there are hopes in the Modi government that India will touch 8% soon.

A shopping mall in Mumbai, the financial capital of India./ Photographedby Ha Man-joo

"Going forward, the outlook is very positive. This year hopefully with good monsoon we should look at a growth closer to 8 per cent," said economic affairs secretary Shaktikanta Das.

Finance Secretary Ashok Lavasa said, "The numbers are encouraging. We are focusing on capital spending in infra and social spending."

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