Starting in 2012 , India entered a period of reduced growth , which slowed to 5.6 % . Other economic problems also became apparent : a plunging Indian rupee , a persistent high current account deficit and slow industrial growth . India started recovery in 2013 – 14 when the GDP growth rate accelerated to 6.4 % from the previous year 's 5.5 % . The acceleration continued through 2014 – 15 and 2015 – 16 with growth rates of 7.5 % and 8.0 % respectively . For the first time since 1990 , India grew faster than China which registered 6.9 % growth in 2015 . However the growth rate subsequently decelerated , to 7.1 % and 6.6 % in 2016 – 17 and 2017 – 18 respectively , partly because of the disruptive effects of 2016 Indian banknote demonetisation and the Goods and Services Tax ( India ) . , India is the world 's fastest growing economy , and is expected to maintain that status for at least three more years
2016 Indian banknote demonetisation
2016 Indian banknote demonetisation
Economy of India