Indian economy will grow at around 6.5 per cent in the current fiscal and will continue to be the fastest-growing major economy in the world, notwithstanding a modest cut in growth projections by multilateral lending agencies, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal has said.
Sanyal further said that given the uncertainties in the global economy, India's performance is clearly far ahead of any other comparable economy.
"ADB (Asian Development Bank) and World Bank have only modestly reduced the (growth) forecast for this year. Even after this reduction, India will still be the fastest-growing major economy in the world," he told PTI.
Recently, the World Bank and the Asian Development Bank projected moderation in Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions.
The International Monetary Fund (IMF) also lowered India's economic growth projection for the current fiscal to 5.9 per cent from 6.1 per cent earlier. Yet India will continue to be the fastest-growing economy in the world.
"It is not correct to say that we are falling behind, my own assessment is in line with what the Economic Survey published earlier this year that (India's economic) growth will be somewhere around six and a half per cent range, which is a good performance under the current circumstances," Sanyal said.
Asked what it will take for India to grow at 8-9 per cent per annum, he said that due to the large number of reform measures taken by the Modi government, India's supply side is now capable of driving growth over 8 per cent.