India to be fastest growing economy in 2016: UN Report

As per recently released United Nations (UN) World Economic Situation and Prospects 2016 Report, India will be the fastest growing big economy in the world in 2016.
The report has projected India’s growth rate by 7.3 % in the year 2016 and 7.5 % in 2017 slightly up from an earlier estimated 7.2 % rate in 2015.
Report Highlights

• The highest growth rate in India has been attributed to improvement in the macroeconomic environment with the help of sharp decline in the prices of oil, food and metals.
• Even the investor and consumer confidence has risen even after Indian government facing difficulties in implementing its wide-ranging economic reform agenda.
• However, some of the economic indicators such as industrial production will remain volatile.
• In 2016 and 2017, South Asia region is expected to be the world’s fastest-growing region despite challenging global conditions.
• In the South Asia region, India’s economy will account for over 70 % of regions GDP.

Month: Current Affairs - January, 2016