India is raking up its economic reputation since Narendra Modi took over the Prime Ministerial role. Data on Friday indicated that the Indian economy has grown faster than that of China in the first quarter of the year. A 7.5 percent growth was registered by India, which is a little higher than the 7 percent growth shown by China in the same quarter.
Despite facing criticism over the land acquisition bill and farmer suicides, Narendra Modi is encouraging investment friendly policies, owing to which India is making a great recovery in the economic sector. The Prime Minister has to be credited for this rise and growth of the Indian economy.
When we consider sectors like Finance, Insurance and Real Estate, the growth has been recorded to be 11.5 percent. Many experts have come out in open to praise the policies of India and how they are progressing over the time. The managing director of the International Monetary Fund Christine Lagarde said that India retains a bright spot in the cloudy global horizon. Rajiv Biswas, Asia Pacific chief economist for the research firm HIS also said, “The Indian economy has shown signs of gradual recovery, but over the last year this has not met market expectations”.
Modi government has been receiving an ample of praise due to the acceleration of the Indian economy in the recent past. They are planning to spend $11 billion this year on the projects of railways, road and other infrastructure. This is done in order to derive more private investment in the country.
The Central Stats Office however saw a decline in the economic growth of India which has come down to 6.6 percent from 7.5 percent on Friday. It raises a substantial number of questions on the new method that is used for measuring an economic activity.