India one of fastest-growing countries in the world: US

India remains one of the fastest-growing countries in the world, with real GDP expanding at 7(point)3 per cent, the White House said.

Economic Report of the US President for the year 2017, which was sent to the Congress said that economic growth in India continues at a solid pace of a projected 7.4 per cent over the four quarters of 2016.

The 600-page report said private consumption has been a major driver in economic growth, contributing 4.3 percentage points to its 7.3 per cent real GDP growth



rate.It further said that lower inflation and fiscal consolidation over the past year has created additional policy space for India to stimulate growth. The White House report also points out that inefficiencies remain in the public sector, with the country's poor still lacking healthcare coverage, educational attainment, and access to financial services. It also said inequality in India remains high.

The US report informs that as China's economy grew to 15 percent of global GDP in 2015, targeted industrial policies have made it the world's largest manufacturer and the dominant producer of some key goods in the global marketplace.