India takes down China as fastest growing economy
India’s growth was 7.3 percent in the last quarter of 2015, according to official government figures. New Delhi says it expects growth for the fiscal year ending March 2016 to accelerate to 7.6 percent – the highest for five years.
Growth of the world’s second-largest economy, on the contrary, slowed to 6.9 percent last year from 7.3 percent in 2014. This was the worst result for China in 25 years.
India is the third largest importer of crude oil behind China and the US. Energy makes up almost 70 percent of the country’s imports. ■