Economy strong under Modi rule: growth rate may remain 8.8 percent in 2022

Under the leadership of Prime Minister Narendra Modi, the country’s economy remains very strong even in times of Corona and Ukraine crisis. Rating agency Moody’s Investors Service has projected India’s growth rate to be 8.8 percent in the year 2022. Along with this, the growth rate for the year 2023 is projected to be 5.4 percent higher than other developed countries. The rating agency said that strong credit growth, announcement of massive investments by the corporate sector and increased allocation on capital expenditure by the government indicate investment strength.

Moody’s has said that if there is no further increase in global crude oil and food prices, then the economy may see further growth. Despite the negative impact, India will continue to be the fastest growing major economy. The United Nations, in its recent report on the state of the global economy, has projected the growth rate of the Indian economy to be 6.4 percent in the year 2022. Whereas the report has projected the global economy to grow at a rate of 3.1 percent in the year 2022.

The report said that India is in a better position in this matter. Rating agency ICRA (ICRA) has said that in the first quarter of the current financial year, April-June 2022, the Indian economy will grow at the rate of 12-13 percent. 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.