India’s growth rate is set to further outstrip China’s in 2016 with the gap between the two economies expected to widen to over 1%, a new report from the International Monetary Fund stated. IMF’s latest World Economic Outlook report projects that India will grow at a rate of 7.5% while China’s economic growth will further drop to 6.3% next year from this year’s 6.8%. The South Asian nation’s economy, the report says, will “benefit from recent policy reforms, a consequent pickup in investment, and lower commodity prices.” The latest figures come soon after other recent economic surveys placed India in a highly favorable economic position, with a report from the Financial Times revealing it had surpassed both China and the US as the world’s top destination for greenfield foreign investment, and a simultaneous 16-place jump in the World Economic Forum’s global rankings for competitiveness.
