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KPMG: India’s Economy Growing Faster Than Most of the World
September 5, 2012
A new report from KPMG has shown that India’s economy is growing at a faster pace than most of the rest of the world. The report has shown that India has isolated itself from many of the challenges in the rest of the world. Akhil Bansal COO of KPMG India, said that the report should have focused more strongly on the measures India has taken to maintain growth in spite of the growing challenges.
GDP grew 5.5% during the first quarter. This was the lowest start of any fiscal year in more than a decade. Many experts were concerned that the Indian economy may be stalling. The biggest concern was a contraction in the mining and manufacturing industries.
However, Bansal stated that this growth was still fantastic relative to many other nations in the world. Most European countries are in contraction and the United States economy only grew by 1.7% in the same three month period.
Bansal studied both the private and public sectors during this period. He said that both public and private organizations fared about as well. However, the economy may perform better if both sectors collaborate to overcome the challenges they will face in the coming months.