India: World’s Fastest Growing Economy
India will be the world’s fastest growing economy, for the second consecutive year in 2016 at 7.5 per cent according to the World Economic Outlook Update recently released by the International Monetary Fund.
India’s growth projection for current year is at 7.5 per cent, which will be higher than China’s 6.8 per cent. China was the fastest growing economy in 2014, at 7.4 per cent as against India’s 7.3 per cent, as per the IMF data.
India, in the coming years, has plans to expand its manufacturing base, simplify India’s regulatory bureaucracy, and improve its tax structure and to modernize its infrastructure and military and is looking to the U.S. for involvement and investment.
Trade between India and the U.S. and Florida for that matter is a shadow of what it could be. There are opportunities in India for Florida. Forecasters predict consumer spending in India will exceed $4.3 trillion in 2023, nearly quadruple the level last year. The U.S. is now India’s second-largest supplier of military hardware, accounting for 7 percent of its military imports between 2009 and 2013.