The Niti Aayog in its note stated that the government’s reform initiatives have transformed India into the fastest-growing major economy in the world along with the macroeconomic stability not witnessed in the past. The note highlighted the India’s growth has decisively increased over the last five years and is much higher than the average growth among the emerging and developing economies.
It mentioned that over the last five years (2014-18), the India economy has recovered and currently is going through one of its best-ever phases of economic growth combined with the microeconomic stability. As per note, in the current financial year (FY19), it is expected that India's growth will be 7.2%, with the growth in preceding three years being 8%, 8.2% and 7.2%, against the world GDP growth would be 3.7% and median of seven emerging market economies (Brazil, China, Indonesia, Philippines, Russia, South Africa and Turkey) is 3.5%.
The closest to India is China, which is estimated to grow at 6.6% in FY19. Moreover, it added that the uptick in economic growth has come from various economic reforms undertaken by the government such as improvement in ease of doing business, opening up to foreign direct investments, the push for infrastructure development and a stable and decisive policy environment.