7. Contribution: 7.1. India
Reported by Rakesh Kumar, Technical Editor, ISHRAE Journal
According to World Bank data, Indian gross domestic product (GDP) growth improved to 7.3% in 2015, compared with 6.9% in 2014, to outperform all major economies of the world except China. The World Bank expects India to grow faster than all major world economies in 2016. Other economic indicators were mixed - while some showed an upturn, others declined - making it difficult to assert that the economy is fully on a recovery path.
The construction sector remained sluggish, depressing demand for air conditioning. Commercial air conditioning and refrigeration markets continued to grow, driven by growth in the healthcare, education, hospitality, and cold chain warehousing sectors. Major investment in other projects continued to be put on hold.