Under the leadership of Prime Minister Narendra Modi, the country’s economy remains strong even during the Corona epidemic and Russia-Ukraine crisis. Rating agency ICRA (ICRA) has said that the Indian economy will grow at the rate of 12-13 percent in the first quarter of the current financial year, April-June 2022. According to ICRA, the Business Activity Index reading in April was the second highest in 13 months, due to which the economy is expected to grow at 12-13 per cent in the June 2022 quarter. By the way, in the midst of the ongoing war between Russia and Ukraine, due to RBI’s strict monetary policies and inflation, GDP growth can be 7.2 percent in the full financial year 2022-23.
Under the leadership of Prime Minister Narendra Modi, the country’s economy remains strong even during the Corona epidemic and Russia-Ukraine crisis. Confederation of Indian Industry (CII) President TV Narendran said that the Indian economy can grow at the rate of 7.5 to 8 percent in the current financial year 2022-23. They will have a major role in the development of exports. He said that this year the economy will see good growth, so we are very optimistic on the export front. Narendran said that the growth forecast for the current financial year remains in the range of 7.5 to 8 per cent. The International Monetary Fund has placed its growth forecast for India at 8.2 percent.
The Indian economy is growing faster than other countries of the world due to the strategic reforms of the Modi government and the acceleration in the corona vaccination campaign. According to the International Monetary Fund’s (IMF) World Economic Outlook report, India will continue to be the world’s fastest growing major economy with a growth rate of 9.5 per cent in 2021 and 8.5 per cent in 2022. The special thing is that in 2022, except India, in no other country, this growth rate has been projected to go above 6 percent. India has left China and America far behind in terms of economic growth rate.
The International Monetary Fund (IMF) has said that India-led South Asia is moving towards becoming the center of global growth and by 2040 it alone could account for one-third of the growth. A recent IMF research document said that by successfully leveraging infrastructure improvements and a young workforce, it could contribute up to a third of global growth by 2040. Anne Marie Gulde Wolff, Deputy Director of the IMF’s Department of Asia and the Pacific, said that we see South Asia moving forward as a global growth hub.
Global consulting firm KPMG said that in the year 2022, India will be among the fastest growing economies of the world. India’s growth rate can be 9.2 percent in the financial year 2021-22 and 7.7 percent in 2022-23. KPMG says that the current policies of the Government of India will keep the economic momentum going. The focus on strengthening infrastructure and investments being made in this sector will not only accelerate the growth rate, but will also reduce unemployment. According to KPMG, the recovery rate of the Indian economy has increased after Corona. Mobility index, direct tax collection, demand for electricity are all registering a boom due to the progress on the economic reforms front and pick-up in demand.
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