The White house today said, that India remained one of the fastest-growing economies of the world and added that inefficiencies in the public sector are still there as BPL (below poverty line) families still not able to get proper healthcare coverage and easy access to financial services.
The Economic Report of the President for 2017 said, “India remains one of the fastest-growing countries in the world, with real GDP expanding at 7.3 per cent in the four quarters through 2016:Q3.”
As per the massive report (nearly 600 pages) of the Economic Report of the President, economic growth in India has been growing at a solid pace with projection of 7.4 per cent over the four quarters for 2016.
“Macroeconomic risks revolve around inflationary pressure stemming from increasing commodity prices, which could weigh on the current account and fiscal deficit,” the report said.
“Inefficiencies remain in the public sector, with India’s poor still lacking healthcare coverage, educational attainment, and access to financial services. Further, inequality in India remains high,” the White House report said.
The White House report also pointed out that countries which are leading exporters to China and other developed countries have suffered because of the slowdown in those important developed markets.
The White House had categorically highlighted few facts about the growing economy of China. It said China’s economy bolstered to 15 per cent of global GDP in 2015 as targeted industrial policies have powered their manufacturing sector and have made them world’s largest manufacturer; reason for it being the dominant producer and a major source of demand for a varied range of goods and key products.
The White House Report also said, “China may be postponing its longer-term goal of rebalancing in order to stabilise growth in the near term after growth fell from 7.2 per cent in the four quarters ended in 2014:Q4 to 6.7 per cent in the four quarters ended in 2016:Q3.”
“Against this backdrop, the Chinese renminbi (RMB) has been gradually depreciating since mid-2015 against both the dollar and a weighted basket of currencies,” it said.
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