India's growth rate highest among BRICS nations: Report
India has been recording the highest growth rate amongst the Brazil, Russia, India, China and South Africa (BRICS) economies, a KPMG report said here on Thursday.
According to the report titled "India Soars Higher", in spite of some reformative steps that slowed the growth momentum in the first quarter of FY18, the economy is likely to grow at 7.4 per cent in 2018 -- higher than the advanced economies and the world -- which are at 2 per cent and 3 per cent respectively.
The report highlighted that India's economic stability is further reinforced with its approximately $420 billion (as on February 9, 2018) foreign exchange reserves which provides sufficient cover for almost 11 months of imports for India.
The report -- launched by Law and Justice and Electronics and IT Minister Ravi Shankar Prasad at the 12th edition of Mindmine Summit 2018 -- provided insights into the rapidly changing business outlook for India and analysed the progress achieved under several national priority programmes.
"India today is moving towards a period of sustained growth. Reforms such as the bankruptcy code and the Goods and Services Tax and a keen focus on investments in infrastructure are important elements of the foundation for such growth," said Arun M. Kumar, Chairman and CEO, KPMG in India.
"Rising aspirations, the country's young demographics and a vibrant consumer market will make India an increasingly important business and investment destination," he said.
Origin: https://bit.ly/2EYWezq