Good news for Indian Prime Minister, Narendra Modi. According to International Monetary Fund (IMF), India is on track to hold its position as one of the world’s fastest growing economies following tough decisions and reforms in many sectors.
It is being described as an elephant starting to run. India could be a major actor in the trade war between the United States and China and could benefit in many fields. The $2.6 trillion economy forecast a growth of 7.3% and the nation accounts for about 15 percent of global growth, as reported in Times of India. One of the key measures was the shock cash ban in late 2016 and a disruptive nationwide sales tax in 2017. The Indian government will release its figures on GDP, end August, that is one year before the election. Still this could be sufficient with unemployment and farm distress still a major concern in India.
Another key element which could be detrimental to the economy and to Modi’s Government is the value of the Indian rupee who lost 7% against US Dollar last year. This currency is in fact the worst performer in Asia.
India tops the list as the world’s fastest growing economy-IMF