India to remain fastest growing major economy in next decade.

India will remain the fastest growing major economy, much ahead of China, in the next decade 2019-28, according to a global economic research report.

The report prepared by Oxford Economics, which is engaged in global forecasting and quantitative analysis, India is likely to achieve an average growth of 6.5 percent in 2019-28, the highest 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). The report is authored by eminent economist Louis Kuijs.

It pointed out that emerging markets (EMs) with sustained fast growth are distinguished by rapid capital accumulation - mainly domestically financed - and robust total factor productivity (TFP) growth. "To achieve sustained rapid growth in the coming...