Indian economy growing fastest |
India`s Finance Minister Arun Jaitley said that India probably gathered momentum to hold its ranking as the world’s fastest growing large economy in the quarter through March, giving Prime Minister Narendra Modi more to celebrate about after completing two years in office .A Reuters survey of economists will show India’s gross domestic product grew 7.5 per cent year-on-year between January and March, faster than the previous quarter’s 7.3 per cent. This 7.5 per cent growth, in a global slowdown environment, has a potential to pick up even more, he added. India’s upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter – the slowest posted by the world’s second largest economy in seven years. Moody’s Investors Service said a recovery in private investment would be needed if India’s upturn was going to last.Combined with the fact that external demand is likely to remain lackluster, a sustained improvement in domestic private investment would be required for the growth momentum to be sustained, according to the rating agency. Meanwhile, the Reserve Bank of India (RBI) is widely expected to keep its policy interest rate on hold at a scheduled policy review on June 7 as it waits for banks to fully pass on the previous the benefits of earlier cuts to borrowers.
|
|
|
|