India’s growth rate best among Brics
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new delhi — India has been recording the highest growth rate among the Brazil, Russia, India, China and South Africa (Brics) economies, a KPMG report said here on Thursday.
According to the report entitled “India Soars Higher”, in spite of some reformative steps that slowed the growth momentum in the first quarter of FY18, the economy is likely to grow at 7.4 per cent in 2018, higher than the advanced economies and the world, which are at 2 per cent and 3 per cent, respectively.
The report highlighted that India’s economic stability is further reinforced with its approximately $420 billion (as on February 9, 2018) foreign exchange reserves, which provides sufficient cover for almost 11 months of imports for India.
The report — launched by Law and Justice and Electronics and IT Minister Ravi Shankar Prasad at the 12th edition of Mindmine Summit 2018 — provided insights into the rapidly-changing business outlook for India and analysed the progress achieved under several national priority programmes.
“India today is moving towards a period of sustained growth. Reforms such as the bankruptcy code and the Goods and Services Tax and a keen focus on investments in infrastructure are important elements of the foundation for such growth,” said Arun M. Kumar, chairman and CEO of KPMG in India. “Rising aspirations, the country’s young demographics and a vibrant consumer market will make India an increasingly important business and investment destination.”
The KPMG report said the next phase of growth in the domestic market, consumer confidence, stability in the macroeconomic fundamentals, structural reforms and flagship initiatives introduced by the Indian government, have now started to gain momentum.
“While some reforms may still be classified as an ‘unfinished agenda’, a significant volume of work has already been undertaken towards the completion of these tasks, in terms of a conducive policy environment as well as on-theground effort,” it said. —