India to prevail as the quickest developing major economy in the next decade: Report

India is expected to obtain an average growth of 6.5 percent in 2019-28, the highest amongst the emerging economies.

India will continue to be the quickest developing major economy, much ahead of China, in the following decade 2019-28, according to a global economic research report.

The report provided by Oxford Economics, which is engaged in global forecasting and quantitative analysis, India is expected to obtain an average growth of 6.5 percent in 2019-28, the biggest among the emerging economies.

India will be followed by the Philippines (5.3 percent) and Indonesia (5.1 percent), the report titled 'Emerging Markets Sustained Growth in EMs Calls for Thrift and Innovation' said.

China has been assigned the fourth slot with an average growth rate of 5.1 percent for the next decade (2019-28).

Renowned economist Louis Kuijs is the author of the report.

It showed that emerging markets (EMs) with maintained rapid growth are characterized by rapid capital growth – mainly domestically financed – and sturdy total factor productivity (TFP) growth.

"To achieve sustained rapid growth in the coming decades, EMs will need solid saving," the report said.

According to the report, to evade the middle-income trap (MIT), the upper-middle-income countries (MICs) in particular essential to make advancement in terms of 'mastering technology,' asking the engagement of firms and people in innovation and R&D.

"Major saving is required for sustained rapid growth in emerging economies," it said, continuing that TFP growth driven by innovation and R&D, particularly in middle-income countries.

India is forecasted to grow at 7.5 percent in 2019 and 7.7 percent in 2020, higher than China's predicted increase of 6.2 percent in these 2 years, according to the International Monetary Fund's recent World Economy Outlook update.

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