India’s growth rate has increased from 6.9% (average) in the pre-Lehman crisis era (1999-2008 ) to 7.4% (average) in the post-Lehman crisis era ( 2009-2018 ), said an analysis conducted by the PHD Research Bureau, the research arm of PHD Chamber of Commerce and Industry.
Long-term growth trend of Indian economy has been very strongly supported by the dynamic policy environment by the government and calibrated measures undertaken by the financial institutions, said Rajeev Talwar, President, PHD Chamber of Commerce and Industry in a press statement.
The economic growth rates (on an average) of the other leading economies have declined during the same time period.
In the post-crisis decade of 2009-2018, though Chinese economy has grown by 7.9% (average) but when compared to the pre-crisis decade of 1999-2008, it has shown a weak resilience with a 2.2% decline in its economic growth rate, he said.
Further, as per the IMF database, the size of the Chinese economy has increased tremendously from US$ 4.6 trillion (year 2007) to US$ 13.5 trillion (year 2017), but India, surpassing China, has exhibited the highest degree of resilience to the global turmoil of 2008.
India is the only country whose economic growth rate has increased whereas the other leading economies have witnessed a fall in their economic growth rates.