Govt's reform initiatives transformed India into fastest-growing major economy: Niti Aayog1 min read . Updated: 21 Feb 2019, 07:04 PM IST
- The country's growth has increased over the last five years and is much higher than the average growth
- The closest to India is China, which is estimated to grow at 6.6 % in 2018-19
NEW DELHI : The host of reforms undertaken by the government has transformed India into the fastest-growing major economy along with the macroeconomic stability not witnessed in the past, according to a note prepared by the Niti Aayog.
The country's growth, the note added, has decisively increased over the last five years and is much higher than the average growth among the emerging and developing economies.
"India's economic performance dipped considerably during 2010-13.
"Over the last five years (2014-18), the India economy has recovered and now is going through one of its best-ever phases of economic growth combined with the microeconomic stability," the note said.
The next general elections are due in April-May.
According to the note, in 2018-19, against India's likely growth of 7.2 %, the world GDP growth would be 3.7 % and median of seven emerging market economies (Brazil, China, Indonesia, Philippines, Russia, South Africa and Turkey) is 3.5 %.
The closest to India is China, which is estimated to grow at 6.6 % in 2018-19, the note said.
"The uptick in economic growth has come from various economic reforms undertaken by the government such as improvement in ease of doing business, opening up to foreign direct investments, the push for infrastructure development and a stable and decisive policy environment," it added.
India's growth in the current fiscal year is estimated to be 7.2 % with the growth in preceding three years being 8 %, 8.2 % and 7.2 %.
This story has been published from a wire agency feed without modifications to the text.