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India consist the world's fastest growing economy in 2018

Wednesday - January 2, 2019 10:13 am , Category : WTN SPECIAL
 India beats China in case of growth rate in year 2018
India beats China in case of growth rate in year 2018

RBI, GST and GDP make headlines in 2018

JAN 02 (WTN) - The New Year 2019 is significant from India's economic perspective, but before that in 2018, economic developments in India changed rapidly last year. The government was praised for some works, but the government had to face allegations somewhere, but even after the ups and downs held in all the world, India remained the world's fastest growing economy and during this period India left China behind. 

The rapidly growing Indian economy can be estimated from the growth rate of gross domestic product (GDP), that the gross domestic product (GDP) growth rate in the first quarter ended June 30, of the fiscal year 2018-19, was 8.2 per cent, while it was 7.7 per cent in the first three month of  year 2018.

Although the GDP growth rate decreased from 7.7 per cent to 7.1 per cent in the second quarter ended on September 30 amid the world and country's entire ups and downs. Here Fitch Ratings has reduced the growth rate of the current financial year from 7.8 percent to 7.2 percent of the Indian economy. Here the policy commission says that the government will speed up reforms to boost up economic growth in 2019. Policy Commission believes that the country is gradually increasing investment and the Indian economy will grow at 7.8 per cent in the calendar year 2019.

It is being said that this year, the government will increase its expenditure in welfare schemes keeping in view the Lok Sabha elections, which will increase the fiscal pressure and due to this there may be economic downturn.

Now these were the domestic reason, if we discuss about the global reasons, there are many reasons which have influenced the Indian economy and will also affect it in the year 2019. These are the reasons; rise in crude oil prices, the strengthening of the US dollar, the slowdown in global growth due to the US-China trade war and the rise in interest rates for the fourth time in a year by the US Federal Reserve. All these factors have affected the economy of the country.

Here too, the fluctuations in the banking sector have a bearing on the country's economy. In the beginning of the year, on February 14, Punjab National Bank bore a scam of Rs 11,400 crore. This scam was politically also in the headlines, causing a lot of disruption from Parliament to Road.

In the last few months of the year, there was dispute between the Reserve Bank of India and the Central Government. Due to the autonomy of the Reserve Bank and other reasons, Governor Urjit Patel resigned from his post. The dispute between the RBI and the government was reached at the high label that the government had also warned the use of its special rights under section 7 of the Reserve Bank Act.

In the same year, the country's main infrastructure funding company IL & FS remained at the center of discussion for defaulting in payment to banks. For your information, let you know that IL & FS payment default was also seen as a case of default by Lehman Brothers. As you know, from the case of Lehman Brothers, the global financial crisis started in 2008. The good news for India that year is that India has jumped 23 places to 77th in the doing business ranking. 

This year, the country has seen significant changes in GST. Its collection in October exceeded one lakh crores, but in November it again dropped to Rs 97,637 crores. Let’s talk about inflation; it's was more than the Reserve Bank's estimates. For your information, let you know that the Reserve Bank has kept inflation target four percent in the medium term.

During the year April-October, the growth in industrial output was 5.6 percent, compared to 2.5 percent in the same period last year. Amendment in GDP data also remained in the headlines in 2018. During the tenure of the Congress-led United Progressive Alliance (UPA) government, the rate of growth rate decreased because the Central Statistics Organization (CSO) reduced the GDP figures of the previous UPA government, using the base year of 2011-12 instead of 2004-05. Opposition parties, including the Congress, have strongly opposed it.