India to regain crown of fastest growing major economy: Arvind Panagariya

NITI Aayog Vice Chairman Arvind Panagariya said today that India will regain the crown of the fastest growing major economy, overtaking China, as early as the first quarter of 2017-18.

Talking to news agency, Mr Panagariya said India, on an annual basis, is ahead of China and will regain the growth momentum soon on the back of host of reforms initiated by the Narendra Modi Modi government.

India lost the tag to China in the March quarter with the GDP



growth slipping to 6.1 per cent. China recorded a growth rate of 6.9 per cent during the January-March quarter.However, on an annual basis, India grew by 7.1 per cent in 2016-17.

Mr Panagariya further said that the growth will rebound in the current fiscal at a minimum of 7.5 per cent and accelerate further in the coming years. He said government has taken lots of reform measures and country will get to the 8 per cent growth trajectory in the next two years.