Indias bragging rights for growing faster than China, making it the worlds fastest growing major economy, have taken a severe knock as even its already dubious official growth figures are now betraying signs of a slowdown.
The latest numbers published for the April-June quarter show gross domestic product (GDP) is growing at an annualised 7.1 per cent, a sharp drop from 7.9 per cent in the previous quarter. This is the slowest growth rate in five quarters.
China is projected to end 2016 with a growth rate of 6.7 per cent, impressive for a US$11.4 trillion giant thats nearly five times bigger than Indias US$2.3 trillion economy.
According to Ritika Manka Mukherjee of Ambit Capital, India would grow no more than 6.8 per cent in 2015-16, well short of the governments projection of 7.6 per cent, and would be stuck with the same pace for the current fiscal year of 2016-17 to March 2017.
i dont suppose india is growing faster than china. china will have been the biggest economy twenty years later but india will have fallen behind china because india doesnt attach importance to its economy, industry sufficently.