Indian economy projected to be fastest growing major economy during current and next fiscal year

The government has said the share of the Indian economy in the world increased from 2.6 percent in 2014 to 3.2 percent in 2017 as per the World Development Indicators database. Minister of State for Finance, Pon Radhakrishnan said this in a written reply in Rajya Sabha on december 18.

He said the average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 per cent, which is the fastest among the major economies in the world. Indian economy is projected to be the fastest growing major economy in 2018-19 and 2019-20.

This is borne by GDP growth of 7.6 per cent in the first half of 2018-19. As per the estimates available from Central Statistics Office, the per capita income of the country increased from 86,647 rupees in 2014-15 to 112,835 rupees in 2017-18, recording a 30.2 percent growth from 2014-15 to 2017-18.