Management Discussion and Analysis
2015 saw the continued dominance of the emerging markets
and developing economies as the global growth engines, which accounted for a lion’s share of the global growth.
According to International Monetary Fund (IMF) estimates, the global economy grew by 3.1% in 2015, lower than the growth of 3.4% in 2014. Even as developed economies saw a modest growth, emerging markets and developing economies that account for over 70% of global growth, continued to decline for the fifth consecutive year.
India remained the ‘bright spot’ in an otherwise muted global growth story. Estimates from the Central Statistics Office (CSO) suggest that the Indian economy would grow by 7.6% in FY16 as compared to 7.2% in FY15. The growth engines in India have been led by the sharp rise in manufacturing at 9.5% for FY16. Lower oil prices helped the government to prune its subsidy bill, further bolstering the India story.