India Set to Lose Fastest-Growing Major Economy Title
- Statistics ministry sees 7% GDP expansion this fiscal year
- That pace will trail Saudi Arabia’s expected 7.6% growth
Photographer: Dibyangshu Sarkard/AFP/Getty Images
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India is set to lose its fastest-growing major economy tag this year, as growth took a hit from weakening demand at home and abroad.
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry Friday. That compares with a 6.8% expansion forecast by the Reserve Bank of India, as well as the median estimate in a Bloomberg survey of economists.