India in league of rare club of fast, steady growth economies

Posted by Daily Shipping Times on 22-02-2017        Tweet

NEW DELHI: Indian economy is becoming more efficient through five broad themes -- fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.

"India is growing at a fast pace, largely driven by efficiency gains in doing business, tax collections, infrastructure and rural economy," it added.

There are only 28 episodes ever when countries grew at over 6 per cent for 8 years or longer, Edelweiss Securities said in a research note, adding India is entering this rare club.

On landmark reforms, the report said while GST can increase highly productive formal organised employment, bankruptcy code can enhance liquidation and better utilisation of assets.

Moreover, there has been a marked improvement in global competitiveness among major emerging markets and 90 per cent of FDI is now coming through the automatic route, replacing hot money, it added.