{"id":1467,"date":"2023-10-15T20:22:30","date_gmt":"2023-10-15T20:22:30","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/india-on-track-to-outpace-china-as-top-growth-driver\/"},"modified":"2023-10-15T20:22:31","modified_gmt":"2023-10-15T20:22:31","slug":"india-on-track-to-outpace-china-as-top-growth-driver","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1467","title":{"rendered":"India on track to outpace China as top growth driver"},"content":{"rendered":"
\n

India is poised to surpass China as the leading driver of global growth, according to a report by Barclays. The report highlights India’s significant economic rebound post-pandemic, with the country demonstrating robust growth rates and low inflation despite global economic challenges. This marks a significant turnaround from a decade ago when India was part of the ‘Fragile Five’ economies.<\/p>\n

The World Bank supports this positive outlook, maintaining India’s growth forecast at 6.3% for the current fiscal year. This is bolstered by a robust services sector and strong sector-wise growth predictions for agriculture (3.5%), industry (5.7%), and services (7.4%) expected in 2023-24. Additionally, an 8.9% investment growth is anticipated, suggesting a vibrant economic landscape.<\/p>\n

Public investment and a renewed focus on traditional sectors are cited as crucial catalysts for this economic rise. To achieve an impressive 8% growth rate, India needs to increase its nominal savings rate to 32.3% of GDP and boost workforce growth from 1% to 3.5% per annum.<\/p>\n

The report also notes improvements in commercial banks’ asset quality, with non-performing loans remaining low despite a significant interest rate hike by the Reserve Bank of India (RBI). Improved bank balance sheets and corporate leverage ratios have also contributed to India’s stronger post-pandemic economic rebound.<\/p>\n

India’s fiscal consolidation in FY24 could bring down the fiscal deficit from 6.4% to 5.9%, with public debt likely stabilizing at 83% of GDP. Meanwhile, retail inflation is projected to remain high at 5.9%. However, the current account deficit is expected to shrink to 1.4% of GDP.<\/p>\n

The report underscores South Asia’s growth at 5.8%, India’s low external debt, and the government’s export ban on most types of rice. It also emphasizes the importance of harnessing public spending to attract private investments for enhanced growth.<\/p>\n

The Asian Development Bank (ADB), RBI, and the Organisation for Economic Co-operation and Development (OECD) share this optimistic view of India’s economic prospects, signaling a consensus among prominent global institutions about India’s promising future as a key economic powerhouse.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India is poised to surpass China as the leading driver of global growth, according to a report by Barclays. The report highlights India’s significant economic rebound post-pandemic, with the country demonstrating robust growth rates and low inflation despite global economic challenges. This marks a significant turnaround from a decade ago when India was part of the ‘Fragile Five’ economies. The World Bank supports this positive outlook, maintaining India’s growth forecast at 6.3% for the current fiscal year. This is bolstered by a robust services sector and strong sector-wise growth predictions for agriculture (3.5%), industry (5.7%), and services (7.4%) expected in<\/p>\n","protected":false},"author":1,"featured_media":1468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-1467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nIndia on track to outpace China as top growth driver | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"India is poised to surpass China as the leading driver of global growth, according to a report by Barclays. 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