NEW DELHI: The host of reforms undertaken by the government has transformed India into the fastest-growing major economy along with the macroeconomic stability not witnessed in the past, according to a note prepared by the NITI Aayog.
The country's growth, the note added, has decisively increased over the last five years and is much higher than the average growth among the emerging and developing economies. "India's economic performance dipped considerably during 2010-13. Over the last five years (2014-18), the India economy has recovered and now is going through one of its best-ever phases of economic growth combined with the microeconomic stability," the note said.
Narendra Modi became the prime minister in May 2014 after the Bharatiya Janata Party-led National Democratic Alliance won the general elections. The next general elections are due in April-May.
According to the note, in 2018-19, against India's likely growth of 7.2 per cent, the world GDP growth would be 3.7 per cent and median of seven emerging market economies (Brazil, China, Indonesia, Philippines, Russia, South Africa and Turkey) is 3.5 per cent. The closest to India is China, which is estimated to grow at 6.6 per cent in 2018-19, the note said. "The uptick in economic growth has come from various economic reforms undertaken by the government such as improvement in ease of doing business, opening up to foreign direct investments, the push for infrastructure development and a stable and decisive policy environment," it added.
India's growth in the current fiscal year is estimated to be 7.2 per cent with the growth in the preceding three years being 8 per cent, 8.2 per cent and 7.2 per cent.