India among fastest-growing countries |
India remains one of the fastest-growing countries in the world, the White House has said even as it underlined that inefficiencies persist in the country’s public sector the poor still lacking healthcare coverage and access to financial services. India remains one of the fastest-growing countries in the world, with real GDP expanding at 7.3 per cent in the four quarters through 2016:Q3, according to Economic Report of the President for the year 2017, which was sent to the Congress. The voluminous report running into nearly 600 pages says that economic growth in India continues at a solid pace of a projected 7.4 per cent over the four quarters of 2016.Private consumption has been a major driver in economic growth, contributing 4.3 percentage points to its 7. 3 per cent real GDP growth rate in the four quarters through 2016:Q3. Lower inflation and fiscal consolidation over the past year has created additional policy space for India to stimulate growth should a crisis occur.Macroeconomic risks revolve around inflationary pressure stemming from increasing commodity prices, which could weigh on the current account and fiscal deficit. Inefficiencies remain in the public sector, with India’s poor still lacking healthcare coverage, educational attainment, and access to financial services. Further, inequality in India remains high.
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