India becomes the fastest growing economy and the 7th richest nation
Commencement of June month brings two great news for us. Our country has become the fastest growing economy of the world recording highest GDP among all the countries. In the IV quarter of F.Y. 2015-16, India’s GDP rate has jumped up to 7.9%.while it was 7.3% in III quarter. This is the best increment in GDP in last 5 years.
As you can see in the graph, manufacturing and agriculture sector played a major part in increasing GDP. While 130% growth was shown in agriculture sector, manufacturing sector also showed a growth of 69%. This is a very good news for Modi Government as it has just completed two years of governance.
Another news comes from the wealth prospective. According to the report of New World Wealth, India is now placed at 7th position in the top 10 richest countries of the world.
Main driver behind India’s position in the list is its population. Still India’s per capita income is not very satisfactory although signs of improvement have been shown time and again.
