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'India to top growth among large economies in 2016'
31
Dec '15
India is expected to be the leader in economic expansion among large economies in 2016 after posting one of the highest growth rates in 2015, according to World Bank Senior Vice President and Chief Economist Kaushik Basu.

He told reporters in Hyderabad after presiding over the valedictory session of 98th annual conference of Indian Economic Association that India's growth rate would be in the range of 7-7.5 per cent, in line with the World Bank previous forecast. The Bank is scheduled to unveil its next half yearly economic forecast for India on January 7, 2016.

Basu expects India to grow between 7 and 7.5 per cent in 2016. Whatever will be the actual growth figure on this scale, India would still be the leader among major economies.

“There are a few smaller economies going faster, but among the major economies India expected to be on the top not only in 2015 but we expect India to lead the chart in 2016 as well," he said .

Basu, who was the Government's Chief Economic Advisor from December 2009 to July 2011, said the rest of the economy was doing well despite exports taking a knock over the past year. But he insisted that India has a great potential in the export and manufacturing sectors, particularly in the latter because of rising wages in China. (SH)

Fibre2Fashion News Desk - India

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