White House: India remains fastest-growing country in worldTop Stories

December 16, 2016 17:26
White House: India remains fastest-growing country in world

The White House says India remains one of the fastest-growing countries in the world. However, it also underlined that, there are inefficiencies remain in the public sector of the nation with the poor population still lacking access to financial services and healthcare coverage.

Economic Report of the President for the year 2017, said that, "India remains one of the fastest-growing countries in the world, with real GDP expanding at 7.3 per cent in the four quarters through 2016:Q3." The report was sent to the Congress.

The 600 page voluminous report says, economic growth in India continues at a solid pace of a projected 7.4 per cent over the four quarters of 2016.

"Private consumption has been a major driver in economic growth, contributing 4.3 percentage points to its 7.3 per cent real GDP growth rate in the four quarters through 2016:Q3," it said.

"Macroeconomic risks revolve around inflationary pressure stemming from increasing commodity prices, which could weigh on the current account and fiscal deficit," the report said.

The White House report said that, "Inefficiencies remain in the public sector, with India's poor still lacking healthcare coverage, educational attainment, and access to financial services. Further, inequality in India remains high."

"Economic growth in China has been on a downward trend since a brief rebound after the global financial crisis. China has been attempting to re-balance from an investment and export-driven economy to an economy driven more by private consumption," it said.

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