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It is well known that the global growth rate of the world economy has been sluggish. Amidst sluggish global growth, the engines of the world economy were fueled by the Indian and the US economy. The United States among the rich economies and India among emerging economies have been the pillars of the growth rate of the world economy.
India's growth rate however has been around 7%. The Indian economy is expected to the fastest growing country among the major economies in the world. According to a think tank Center for Economic Business and Research (CEBR), India has the potential to become the third largest economy in the world by 2030. The report has mentioned that,the Indian Economy's growth rate had become at par with China's growth rate during 2015 due to faster economic growth rate. This trend is likely to continue.
India's growth rate however has been around 7%. The Indian economy is expected to the fastest growing country among the major economies in the world. According to a think tank Center for Economic Business and Research (CEBR), India has the potential to become the third largest economy in the world by 2030. The report has mentioned that,the Indian Economy's growth rate had become at par with China's growth rate during 2015 due to faster economic growth rate. This trend is likely to continue.
The CEBR's World Economic League Table (WELT) has spelled out that the country has a long way to go and is likely to overtake China only at some time in the second half of the 21st century. The country will overtake the British economy and will become the largest economy in the Commonwealth by 2019.
Being the world's second populous nation, the growth rate of the Indian economy faces many obstacles due to a sluggish growth in its infrastructure, slowdown in global trade, and other global political and social unrest.
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