India to be fastest growing economy in the world this year: Govt source

New Delhi, Aug 11: Rising inflation rates notwithstanding, India will be the fastest growing economy in the world this year, a top government source said on Thursday.

While inflation continues to be above the comfort zone, the economy has continued on its recovery path, supported by pent-up demand for services and higher industrial output.

The government, the source said, is taking continuous steps and engaging with the RBI to bring down inflation.

Inflation has stayed above the upper tolerance limit of 6 per cent for six straight months.

There is no chance of growth slowing and India will be the fastest growing economy this year and the next, the source added.