India becoming world’s fastest growing economy, shows IMF data

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India’s GDP growth has been one of the highest as seen in the last two quarters of FY19. Recently in the second-quarter (July-September) of the financial year 2018-2019, Indian economy grew at a rate of 7.1 per cent. On a broader perspective, Indian economy’s share in the world, measured as a ratio of India’s GDP to world’s GDP at current value of US dollar, has increased from 3.2 per cent in 2017 from 2.6 per cent in 2014, news agency ANI reported citing World Development Indicators database.
From 1960 to 2013, Indian economy’s average share in the world was at 1.8 per cent.

Interestingly, Indian economy recorded an average growth rate of 7.3 per cent between financial year 2014-2015 to 2017-2018, the fastest growth rate amid major economies in the world.

According to International Monetary Fund October 2018 database, the Indian economy is estimated to be the fastest-growing among the major economies in the world in the present financial year 2018-2019 and the upcoming FY20.

The per capita income of India, measured as per capita net national income at current prices, registered a growth of 30.2 per cent from financial year 2014-2015 to 2017-2018.

The per capita income of India jumped to Rs 1,12,835 in FY18 from Rs 86,647 in FY15, ANI said in a report citing Central Statistics Office (CSO) estimates.

Union Minister Shri Suresh Prabhu has recently said that in about 7 to 8 years, India will become a 5 trillion dollar economy. “We launched a major program for making one trillion dollars of manufacturing in India that will happen in the next 6-7 years,” Shri Suresh Prabhu said.