ASIAS THIRD LARGEST ECONOMY INDIA GETS A JUMP ON ITS ECONOMIC GROWTH TO 7.4% OF GDP WHILST THE DEMOCRAT POTUS BHO US ECONOMY FLOUNDERS FOR LACK OF LEADERSHIP AND VISION WITH EMPLOYMENT INSTEAD ALL WE GET IS MORE RED TAPE AND REGULATIONS THAT STIFLE GROWTH

India on Monday forecast that annual economic growth would accelerate to 7.4 per cent in the year ending in March after its statisticians changed the way they measure Asia's third-largest economy.

The new estimate is sharply higher than the Reserve Bank of India's (RBI) growth projection of around 5.5 per cent under the old method as well as a revised 6.9 per cent growth a year earlier.

Under the new method, the economy grew 7.5 per cent in the quarter ending in December, outpacing China's 7.3 per cent growth in the latest quarter and making India the fastest growing major economy in the world.

The revisions mark a dramatic turnaround for an economy that barely a fortnight ago was assumed to be still struggling to gather momentum under Prime Minister Narendra Modi's reform-minded government. Prior to PM Modi's election last May, the economy had endured its weakest phase of growth since the 1980s.

The apparent recovery is, however, in large measure due to changes both in the way authorities calculate gross domestic product (GDP) and the base year.

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