Chinese Economy is Fastest Growing Now

IAS Prelims 2023

Post demonetization, India has lost its fastest-growing major economy status in the fourth quarter of 2016-17. Indian GDP growth came at the rate of 6.1%. But at the same time China’s growth rate was 6.9%.

Data from the Ministry of Statistics shows that GDP grew 7.1% in the financial year 2016-17, slower than the 8% registered in 2015-16.

Gross value added (GVA) growth was 6.6% for 2016-17 and 5.6% in the fourth quarter, compared with 7.9% in 2015-16 and 8.7% in Q4 of that year.

The GDP numbers were based on the new 2011-12 base year recently adopted for data including the Index of Industrial Production (IIP) and Wholesale Price Index (WPI).