India has regained its title as the world’s fastest-growing major economy, after figures confirmed it grew by more than 7 per cent on an annualised basis in the three months to December, overtaking China once more.
Data released yesterday show the economy grew at an annual rate of 7.2 per cent in the final quarter of last year, continuing its bounceback from a sharp slowdown in the middle of 2017. The Chinese economy grew 6.8 per cent on an annualised basis over the same period.
The data are a boost for Narendra Modi, prime minister, who has come under pressure because of the economic slowdown, ahead of a general election due next year. The news also comes as a welcome relief following a week in which his administration has been attacked for failing to prevent a $1.8bn fraud at the state-owned Punjab National Bank.