Jan-March 2016: India grew fastest

The Indian economy gathered momentum between January and March 2016 (fourth quarter of 2015-16), growing at 7.9 per cent to remain the fastest expanding major economy in the world. With this the overall GDP for 2015-16 came at a five-year-high of 7.6 per cent against 7.2 per cent growth in the previous year due to a good show by the manufacturing and farm sectors.

This has raised hope in the Modi government that India will touch 8 per cent in the current fiscal.

“Going forward, the outlook is very positive. A good monsoon and passage of GST Cons-titution amendment will take us to 8 per cent growth in 2016-17,” said economic affairs secretary Shaktikanta Das.

The positive data has come a week before PM Narendra Modi’s visit to the US, where he will meet foreign investors and global CEOs.