Close on the heels of positive prediction by World Bank, International Monetary Fund and Organization for Economic Cooperation and Development (OECD), the Manila-based Asian Development Bank (ADB) has also stamped the growth potentials of the Indian economy and declared that the country's economy is projected to grow 7.8 per cent in the next fiscal and 8.2 per cent in the next to next financial year thereby outpacing China in becoming the world's fastest growing economy. Prior to this, the International Monetary Fund and World Bank also made a similar GDP growth forecast for the country's economy. India's economy will achieve this growth largely due to the expected monetary-policy easing and higher capital expenditures on infrastructure projects. China, the ADB projected, would slow down to 7.2 per cent this year and to 7.0 per cent in 2016, against an average of 8.5 per cent in the period since the global financial crisis.
That apart, the American Express Global Business Survey, in a recent report has also concluded that India is in a sweet spot and its economic growth outlook remains the strongest in the world. India remains the most aggressive in terms of companies' planning to increase investment and spending in the economy. In its research most of the Indian finance leaders polled were upbeat about Indian economy's growth prospects and more than 80 per cent of finance leaders polled from India said that exports will drive growth for their companies. Moreover, more than half of those polled from India cited that domestic political changes may have positive impact on their companies.
It is worth mentioning here that the Amex Global Business and Spending Monitor is released annually and is based on sampling of 565 senior finance executives from large companies across the globe. Apart from these global bodies, the Organization for Economic Cooperation and Development (OECD) in its recent research study has also described India as a "bright spot" on the prevailing global gloomy horizon.