While economists around the world are expressing the possibility of a global recession, on the other hand, Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council (EAC-PM), has made a big claim about India's economy. He said on Sunday that India will emerge as the world's strongest economy in the financial year 2022-23. Not only this, but he also claimed that India will achieve a growth rate of seven percent in the financial year 2022-23.
He further said that at this time the environment of the economic world is becoming such that all the countries of the world will achieve low growth, not only this, many countries may even go into recession, such an environment will not have any effect on India. And Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council (EAC-PM), has even said that the kind of positive atmosphere in the world at the beginning of 2000, if such conditions come again, then India will achieve growth of nine percent. could.
Elaborating on the prospects of a global recession, Sanyal said rising petroleum prices, tighter monetary policy as well as Russia-Ukraine war are creating such an environment. He also reacted to the continuously falling prices of the rupee. Sanyal said that we should not judge based on the dollar and rupee exchange rate only. The dollar continues to strengthen against other currencies. In such situations, the rupee is strengthening against other currencies except for the dollar. On Friday, the rupee had hit a historic low of 82.33 per dollar.
Significantly, the World Bank had on October 6 projected a growth rate of 6.5 percent for the Indian economy for 2022-23, citing the deteriorating international environment. According to the latest estimates, this is one percent less than the estimate of June 2022.
Regarding the World Bank's estimate, Sanyal said that India's performance in this environment will be the best in the world. Regarding the tenure of the Modi government so far, he said that in the last years, the Narendra Modi government has made many major reforms regarding supply, as a result of these reforms, India's economy has become more resilient than before. He further said that if India gets the same external environment as during 2002-03 to 2006-07, when the global economy was growing and there was no global inflationary pressure, then its economy can register a growth of 9 percent, but it is clear. The situation is not the same as before, so it can be said that a 7 percent GDP growth rate is a good performance.
The Reserve Bank of India recently lowered the growth forecast for the current fiscal to 7 percent from the earlier estimate of 7.2 percent, citing extremely tight monetary policies globally.
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