India's economy expanded by 7.6% in 2015-16, an increase on the 7.2% in 2014-15, as the country cemented its place as the fastest-growing major economy in the world.

Quarterly economic growth surged to 7.9% in the first quarter of 2016 from an upwardly revised 7.2% in the final quarter of 2015 according to official government data.

That compared favorably with economists’ forecasts for a 7.5% expansion in the first quarter and will certainly strengthen Prime Minister, Narendra Modi’s hand when he travels to Washington next week to woo the leaders of top US companies for foreign direct investment in his country.

“This is very encouraging and a much-needed boost to global economic confidence,” said Softbank CIBC International’s chief economist, Rashid Armara. “China’s economy has been doing the heavy lifting as the engine of global economic growth since the 2008 financial crisis but, now that its economy is slowing, the Indian economy could potentially assume its mantle,” he added.

Key sectors that experienced growth in excess of 7% during the year were; financial, real estate and professional services (10.3%), manufacturing (9.3%), trade, hotels, transport, communication and services related to broadcasting (9%), and mining and quarrying (7.4%).

Agriculture, forestry and fishing grew more modestly by 1.2% while construction posted 3.9%. Electricity, gas, water supply and other utility services registered growth of 6.6% as did the public administration, defence and other services sector.

Softbank CIBC International has compiled a buyer’s list of stocks with exposure to India as well as local stocks, primarily in technology, it believes stand to appreciate significantly in the next 12 months.

About Softbank CIBC International:
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