FY16 GDP growth at 7.6%; India now fastest-growing economy in the world
New Delhi: Retaining its place as the world’s fastest-growing major economy, India’s economy expanded by 7.6 percent in the financial year 201-16, outpacing China once again.
In fact, in the fourth quarter of the financial year 2016 ended March 31, the economy grew by 7.9 percent.
At this growth rate, India is now officially the fastest-growing economy in the world.
And while the Indian economy grew at 7.9 percent in the fourth quarter of 2015-16, the overall GDP growth of 7.6 percent is a five-year high.
This high growth rate, a government data showed, has been backed mainly by good performance of manufacturing and farm sectors which grew at 9.3 percent and 2.3 percent respectively during the financial year.
It is interesting to note that, in the last quarter of the financial year 2014-15, the Indian economy had grown by 7.5 percent where it had overtaken China.
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