India is on the path to reclaim its title as the world’s fastest-growing major economy
Two years after losing the coveted title, India may soon reclaim its spot as the world’s fastest-growing major economy.
The Indian economy will grow at 9.7% in 2021, which will be faster than all of the world’s major economies, according to London-based data and analytics firm GlobalData. This would be a sharp recovery from the technical recession that the country is currently facing.
GlobalData’s optimistic estimates are based on the massive inflows of foreign direct investments into the country over the recent months, the Narendra Modi government’s over Rs20 lakh crore ($266 billion) economic stimulus package, the recent drop in Covid-19 cases in India, and the demand revival during the festive season.
The firm also believes that the recently kicked-off vaccination drive will set sectors such as transportation, hospitality, and entertainment, which were severely dented due to the pandemic, on the recovery path.
China is likely to trail India in 2021 with an 8.6% gross domestic product (GDP) growth, GlobalData said.
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