India is expected to expand in double digits this year, making it one of the world’s fastest-growing economies, according to Finance Minister Nirmala Sitharaman. She also stated that she anticipates economic growth in the range of 7.5-8.5 percent next year, which she intends to continue for the following decade.
Sitharaman further pointed out that while the Ministry of Finance is yet to make a determination on the growth rate, the World Bank, IMF, and rating agencies have all gotten close to this figure for India.
During a meeting with Harvard University Professor Lawrence Summers at the Mossavar-Rahmani Center for Business and Government, Sitharaman was asked about the state of the world economy and she said that the emerging market economies are expected to recover quickly and be on a development path, earning them the moniker of growth engine in the process. She further said that they will be the ones who drive the global economy ahead.
She noted that based on the statistics provided yesterday and the week before, India’s growth will be the greatest in the world this year, albeit on a smaller base than last year and this trend will continue into next year. ‘And even there, we will be one of the fastest-growing economies,’ Sitharaman said.