India’s share in global GDP growth expected to rise from 13% to 16%

India’s share of global GDP growth is expected to rise from 13% to almost 16% — a jump of three percentage points. — according to forecasts released earlier this month.

The global economy is expected to achieve an annual GDP (gross domestic product) growth rate, as measured in constant dollars, of 3.7% between 2018-2020 before dipping to 3.6% between 2021-2023 and, in turn, pass the $100 trillion mark around 2022.

China’s growth rate is expected to continue to slow, and in fact, is expected to grow at a slower pace than that of the US in 2040, according to long-term projections by the OECD.

The downward slide in petrol and diesel prices continued on Monday after rates were cut by 30-20 paise a litre on softening international oil prices.

Petrol price was cut by 30 paise a litre and now costs ₹79.75 a litre in Delhi, according to a price notification issued by state-owned oil firms.

Diesel rates were reduced by 20 paise to ₹73.85 a litre. This is the 12th straight daily reduction in rates, according to the notification.

In all petrol price has been cut by ₹3.08 per litre and diesel by ₹1.84 a litre.

The rates are off their record high of ₹84 per litre for petrol and ₹75.45 a litre for diesel touched on October 4.

On that day, the government decided to cut excise duty on petrol and diesel by ₹1.50 per litre each and asked stateowned fuel retailers to subsidise by another ₹1 a litre by reducing their margins.

Subsequent to this, the petrol price came down to ₹81.50 per litre and diesel at ₹72.95 a litre on October 5.

However, as the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to ₹82.83 per litre and ₹75.69 per litre by October 16.

But beginning October 18, international oil prices have been falling and the rupee has also appreciated.