Reacting to the United Nations report that India’s economy is projected to grow by 7.3 per cent next year the newly elected Sahakar Bharati President Jyotindra Mehta has said he prefers a Chaiwala over an economist Manmohan Singh.
In his FB post Mehta writes “That’s the way. A few dynamic steps have brought the results. The economist Manmohan singh handed the country but a chai wala proved to be a visionary.”
The Report which has proved a shot in the arm of NDA govt says amid a volatile global financial condition that will see diminished trade flows and stagnant investment India will continue to be the fastest growing economy in the world in 2016 and 2017.
The full report read “The United Nations World Economic Situation and Prospects (WESP) 2016 report said that India will record a 7.3 per cent economic growth in 2016 and 7.5 per cent in 2017. While the growth is only a marginal improvement from the 7.2 per cent India achieved in 2014-15, the country will remain the fastest growing economy in the world in 2016 and 2017.”
India’s rival in South Asia, China will see a slowdown in growth in 2016 to 6.4 per cent from 6.8 per cent it had achieved in 2015. The growth of the Chinese economy will not improve in 2017, when it will grow by just 6.5 per cent, a percentage point slower than India, which will be the fastest growing economy in the world.
The report further said that the world economy, which stumbled in 2015, will see only a modest improvement in 2016/17 as a number of cyclical and structural headwinds persist.
Given the much-anticipated slowdown in China and persistently weak economic performances in other large emerging economies, notably Russia and Brazil, the pivot of global growth is partially shifting again towards developed economies, it said.