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If GDP numbers are to be believed, India is the fastest growing nation. For the quarter ending December 2016, GDP grew by 7% in comparison to the same period in 2015. In fact, the second advanced estimates by Central Statistical Organisation (CSO), projects GDP growth of 7.1% for FY16-17.
The growth of 7% in the last quarter came in as a surprise because the quarter was badly hit by the adverse impact of demonetisation. It not only creates serious doubt about the reliability of the GDP data, it also makes a strong case of spill over in the fourth quarter.
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However, it is widely believed that Indian economy is back on its long term growth path. And the CSO expects Indian economy to deliver robust 7.1% for FY16-17 and a growth of around 7.5% in FY18.
This simply comes with an assumption that Indian economy had negligible impact of demonetisation. Even if one believes it to be true, the big question remains - Is Indian economy prepared for same kind of growth for next five years?
Well, one need to really look at the challenges the Indian economy is facing:
The implementation of GST and the remonetisation the GDP growth may get a boost. However, we believe for GDP rate to grow sustainably at these rates, government will have to tackle successfully above mentioned challenges.
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