India To Clock Avg Annual Growth Of 7.1 Pct In 2015-19: EIU

The country recently switched to a newer system of GDP growth computation, which made it the fastest growing major economy in the world. Analysts still take the numbers with caution owing to absence of comparable back data.

On exchange rates, it said that the oil would continue to exert an influence over emerging-market currencies: those of large producers such as Russia have suffered significant depreciations, while those of importers such as India have shown much more resilience.

The rupee is currently hovering around 62 level against the U.S. dollar at the Interbank Foreign Exchange.

The report further noted that "on balance, 2015 should be a better year for global growth than 2014, owing largely to an acceleration in the US, better growth in the euro zone and an improvement in several emerging markets, notably India".

Meanwhile, Finance Minister Arun Jaitley, has said that the country has the potential to make 9 to 10 per cent growth rate "a new normal".
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