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 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 entire fiscal year 2022-23. The country’s economy remains strong. 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 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.