India economy has received a significant growth following the dwindling crude oil prices. Indian government saved up to 12% of its budget expenditure as a result of the fall in oil prices according to a source at PwC Nigeria. India has once again posted growth of more than 7%, securing its standing as the world’s fastest growing major economy.
Official data released Monday showed GDP grew at an annual rate of 7.3% in last three months of 2015, a tad weaker than the previous quarter but in line with forecasts.
The country’s manufacturing sector is booming, and the Indian government is forecasting GDP growth of 7.6% for the current financial year ending March 31 — a much faster pace than China will deliver.
The Made in India campaign by Prime Minister Narendra Modi can also be said to be a contributing factor to the success recorded so far.