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UN raises projections for India's growth, making it the fastest-growing economy

Wed, May 20, 2015, 12:25 PM
United Nations, May 20 , 2015: The UN has now raised its projections for the Indian economy's growth this year by 1.7 percent to 7.6 percent and by 1.4 percent to 7.7 percent next year from the estimates it made in January.

The Mid-Year Update to the World Economic Situation and Prospects 2015 released Tuesday puts India on the trajectory to be the world's fastest-growing large economy, outpacing China, the previous champion in the development stakes.

The original report by the UN Development Policy and Analysis Division (UNDESA) released in January had estimated India's gross domestic product (GDP) growth rate for this year at 5.9 percent and 6.3 next year. They were behind China's growth rate projection at 7 percent for this year and 6.8 next year in the January report, which remain unchanged.

The UN update matches the projections of other international institutions that have put India's growth rate as the fastest, and all of whom have also revised estimates for India upward.

Last week, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) released a report that said Indian economy would grow by 8.1 percent this year and 8.2 next year, which are the highest projections made by international institutions.

Ingo Pitterle, a UNDESA Economic Affairs Officer and India expert, told IANS in an interview Tuesday, that with "a return to a high degree of macro-economic stability," India is winning the confidence of investors and the international community.

"Overall, I think the authorities in India have done a very good job over the past two years and this is actually reflected in some indicators," Pitterle said. "In 2013 India was group grouped together with Turkey, South Africa, Indonesia and Brazil, and considered a fragile economy.
Agency: IANS

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