By all estimates, the Indian economy has entered a phase of recovery. After a period of subdued growth that was marred by a spate of disruptions, India has regained the fastest-growing major economy tag and a growth rate exceeding seven per cent is expected this year.
While India has regained its position as the world’s fastest growing large economy – with the uptick in GDP expansion at 6.7% in Q3 of 2017-18 – sustaining it critically depends on more credit flows to revive investment, writes N Chandra Mohan
India would grow at 7.3 per cent in 2018-19, the World Bank said on Wednesday forecasting that the economy would revert to its trend growth rate of 7.5 per cent by 2019-20 as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetisation.
India has 121 billionaires -- 19 more than last year -- making them the third largest group of the ultra-rich after those from the United States and China, according to Forbes, the US business magazine that produces an annual list.