India’s economy will grow at the rate of 7.5-8 percent in the current financial year

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.

IMF confident India will lead the global economy 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.

India will be included in the fastest growing economies- KPMG Global consulting firm KPMG said that in the year 2022, India will be included in the world’s fastest growing economies. 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.

India’s GDP may remain 7.4 percent in the current financial year, Industry body FICCI said that the country’s GDP growth rate can be 7.4 percent in the financial year 2022-23. In the latest Economic Outlook Survey report, FICCI has projected a growth of 7.4 per cent in the current fiscal, but has also been cautioned about the risks associated with growth. The FICCI Economic Outlook Survey has projected a growth rate of 5.9 per cent for the industry and service sector and 8.5 per cent for agriculture and allied activities at 3.3 per cent. The report said that due to the ongoing Russia-Ukraine fight, prices remain a major challenge to the global economic revival. According to the Economic Outlook Survey report, the Reserve Bank of India can start the process of raising interest rates in the second half of the year 2022.

India’s GDP may be 9.5 percent in the current financial year – Moody’s International Rating Agency Moody’s Investors Service has projected India’s growth rate to be 9.5 percent in the current financial year 2021-22. Earlier, Moody’s had predicted a growth rate of 7 percent. Moody’s has said in its Global Metro Outlook 2022-23 report that the Indian economy is recovering rapidly after the Corona epidemic and the second wave. Moody’s has said that retail activity has increased in India along with pick-up in sales tax collection and improvement in PMI. Moody’s has projected the Indian economy to grow at 8.4 per cent in the fiscal year 2022-23.