India becoming world’s fastest growing economy

New Delhi: The share of the Indian economy in the world (measured as a ratio of India’s GDP to world’s GDP at current US$) has increased from 2.6 per cent in 2014 to 3.2 per cent in 2017 (as per World Development Indicators database).

This was stated by Minister of State for Finance Pon Radhakrishnan in a written reply to a question raised in Rajya Sabha on Tuesday.

The average share of the Indian economy in the world from 1960 to 2013 was 1.8 per cent. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 per cent, fastest among the major economies in the world.

The Indian economy is projected to be the fastest growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by the GDP growth of 7.6 per cent in the first half of 2018-19.

As per the estimates available from Central Statistics Office(CSO), the per capita income (measured as per capita net national income (at current prices))of the country increased from Rs. 86,647/- in 2014-15 to Rs 112,835/- in 2017-18, recording a30.2 percent growth from 2014-15 to 2017-18.

Meanwhile, Union Minister Suresh Prabhu while addressing the India-Turkey business forum organised by FICCI on Tuesday said that in coming years India will be five trillion dollar economy.

He said, “India will be 5 trillion dollar economy in 7-8 years and already we have complete road-map for it. On Monday, we launched a major program for making one trillion dollars of manufacturing in India that will happen in the next 6-7 years; the comprehensive plan has been prepared.”