India’s attempts to catch up with China’s rate of economic expansion have received an unexpected boost from statistical revisions that dramatically raised estimates of gross domestic product growth during the past two years.
Forecasts put India on course to overtake its larger neighbour next year, with the International Monetary Fund projecting 2016 growth at 6.5 per cent, while China slows to 6.3 per cent.
The recent growth gap now appears to have been smaller than thought, after India’s main statistical body released revised estimates on Friday showing the economy growing by 6.9 per cent during the 2014 financial year, up from the previous figure of 4.7 per cent. China grew 7.4 per cent in the 2014 calendar year, IMF data show.
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