One Big Economy That Is Doing Nicely

Which is the only major emerging market economy to have seen an improvement in its prospects for growth this year? A clue is that this country is likely to be the world's fastest growing major economy in 2016.

The answer is India. It is expected to post 7.5% growth this year. This rate of growth would put India well ahead of the other fast-growing economies in the world: Vietnam at 6.8%, China at 6.5% and the Philippines at 6.3%.

How is that India, alone among major countries, has managed to avoid the global economic headwinds? A recent discussion with Deloitte's India economist, Rishi Shah, provided a fascinating insight into this conundrum. But what follows is, as usual, a personal view.