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India’s economic growth to outdo China’s

Flags of India (R) and China

India’s economic performance looks set to surpass China’s sooner than expected, with the International Monetary Fund (IMF) forecasting a bigger growth for the subcontinent in 2015.

The IMF’s latest report, World Economic Outlook, shows India’s growth rate will rise to 7.5% this year, while China’s will drop to 6.8% from 7.4% in 2014.

The report released Tuesday indicates India’s growth will “benefit from recent policy reforms” under new Prime Minister Narendra Modi.

It says this will result in a rise in investment and reduction in oil prices. “Lower oil prices will raise real disposable incomes, particularly among poorer households, and help drive down inflation,” says IMF.

China’s declining growth over the past year has also been documented, with Bloomberg reporting Wednesday that Japan will soon overtake it as the United States’ largest overseas lender.

With the World Bank also predicting that India’s growth rate will hit 8% by 2017, it looks like the upward economic trajectory anticipated by many when Modi came to power could have begun.

GHN/GHN


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