India is the world’s fastest-growing major economy, growing by an annualised figure of 7% in the final quarter of 2017.
Statistics publicised on Wednesday highlight that the Indian economy grew by 7.2%, compared to China’s 6.8% rate of growth over the same period.
The Indian economy had experienced a sharp slowdown in the middle of 2017 with growth falling from 9.1% in the first quarter of 2016 to 5.7%. The slowdown was reversed during the third quarter of 2017 in part because of a recovery for the construction sector which grew by 6.8%. The sector had slowed following an attempt by Narendra Modi, the Indian Prime Minister, to demonetise the industry, as many deals were paid for in cash to avoid tax.
Manufacturing also grew by 8.1% and agriculture a further 4.1%. The International Monetary Fund (IMF) had predicted an Indian economic growth rate of 7.4% in 2018 and 7.8% in 2019.
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