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India’s economic growth rate boom

India’s economic growth rate hit 7 per cent per annum over the last five years, earning it a place among the fastest growing economies in the world, according to Halifax.

Figures from Datastream show India has significantly outperformed the world’s major economies including America and the UK, which grew by 2.9 per cent and 2.3 per cent respectively over the same period.

India’s economic growth rate still lags behind China however, which grew by 10.2 per cent during the corresponding period.

JP Morgan portfolio manager Sherene Ban says infrastructure and consumer discretionary are the key growth areas that are boosting India’s growth rate.

She says since JP Morgan’s entry into the market in 1989, India’s middle class has boomed and the economy followed suit.

She says: “India is urbanising and industrialising very rapidly. A key theme is infrastructure. It’s a huge growth driver for India. The government has committed to over US$150bn worth of infrastructure projects over the next five years. It’s a long-term commitment and is likely to ensure India’s economic growth continues.”

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