Tuesday, 24 February 2015

GDP Data Makes India Fastest Growing Economy



India's gross domestic product (GDP) growth makes it the fastest growing large economy in the world, where inflation has fallen to a record low. "According to the latest estimates, our GDP is growing at 7.4 percent, which makes India the fastest growing large economy in the world,"  Earlier this month government statisticians came out with GDP data calculated with a new base year, which makes it harder for Finance Minister Arun Jaitley to assess the size of the fiscal stimulus required to help boost the economy. The annual gross domestic product (GDP) to grow at 7.4 percent in the current fiscal under a new method for computing national accounts, thereby resulting in the upward economic growth rate. Shifting the base year from 2004-05 to 2011-12, the Central Statistical Office last week estimated GDP growth during 2014-15 at 7.4 percent as compared to 6.9 percent in 2013-14. It has also revised the growth rate for the first half of 2014-15 to 7.4 percent from the 5.5 percent it had earlier reported under the old method. "Inflation and food inflation, in particular, are at a record low due to a number of decisive measures taken by the government.

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