Question

Economic growth of india for the last 5 years and its effect on the economy

Answer 1

India started recovery in 2013–14 when the GDP growth rate accelerated to 6.4% from the previous year's 5.5%. The acceleration continued through 2014-15 and 2015–16 with growth rates of 7.5% and 8.0% respectively. For the first time since 1990, India grew faster than China which registered 6.9% growth in 2015.[needs update] However the growth rate subsequently decelerated, to 7.1% and 6.6% in 2016-17 and 2017-18 respectively,[144] partly because of the disruptive effects of 2016 Indian banknote demonetisation and the Goods and Services Tax (India).[145]

India is ranked 100th out of 190 countries in the World Bank's 2018 ease of doing business index, up 30 points from the last year's 130. This is first time in history where India got into the top 100 rank. In terms of dealing with construction permits and enforcing contracts, it is ranked among the 10 worst in the world, while it has a relatively favourable ranking when it comes to protecting minority investors or getting credit.[18] The strong efforts taken by the Department of Industrial Policy and Promotion (DIPP) to boost ease of doing business rankings at the state level is said to impact the overall rankings of India.[146]