India will lead the world’s 2015-16 economic growth: World Bank

Recently World Bank issued a statement that India’s economy is expected to grow at 7.5 percent in 2015-16. If the stats come true, India will for the first time emerge as leading economies of the world.

“With an expected growth of 7.5 percent this year, India is, for the first time, leading the World Bank’s growth chart of major economies,” the Bank’s chief economist and senior vice-president Kaushik Basu, said here while releasing the World Bank’s latest Global Economic Prospects (GEP) report on Wednesday.

India will lead the world's 2015-16 economic growth: World Bank
India will lead the world’s 2015-16 economic growth: World Bank

“China has avoided the potholes skillfully for now and is easing to a growth rate of 7.1 percent. Brazil, with its corruption scandal making news, has been less lucky, dipping into negative growth,” he said.

World Bank released a report in which it stated that global economy is in transition. It stated that South Asian countries are expected to continue firming to 7.1 percent this year and that the miraculous recovery of Indian economy along with gradual strengthening of demand in high-income countries will ensure that.

The world bank opined that decline in global oil prices has worked in benefit of South Asian countries.

“Macroeconomic adjustments in India since 2013 have reduced potential vulnerability to headwinds from the tightening of monetary policy in the US,” it added.

Bank predicted 7.5 percent economic growth for India while rest of the world’s economic growth is expected for meager 2.8 percent. If the trend continues, predictions of India overshadowing China’s economic growth is nearing early.