India becoming world's fastest growing economy, Rajya Sabha informed

New Delhi: Indian economy is projected to be the fastest growing major economy in 2018-19 and 2019-20 as per International Monetary Fund October 2018 database. The figure was stated by Minister of State for Finance Pon Radhakrishnan in a written reply to a question raised in Rajya Sabha on Tuesday.

This is borne by GDP growth of 7.6 percent in the first half of 2018-19, he added.

The minister said that share of Indian economy (measured as a ratio of India’s GDP to world’s GDP at current US dollar) increased from 2.6 percent in 2014 to 3.2 percent in 2017 (as per World Development Indicators database).

The average share of Indian economy in world during 1960 to 2013 was 1.8 percent. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 percent, fastest among the major economies in the world.

As per the estimates available from Central Statistics Office( CSO), the per capita income (measured as per capita net national income (at current prices) of the country increased from Rs 86,647 in 2014-15 to Rs 1,12,835  in 2017-18, recording a 30.2 percent growth from 2014-15 to 2017-18, Radhakrishnan informed the Rajya Sabha.