Indian Economy: The economy on the path of growth despite global challenges, and will improve further in the coming quarters

Posted on 3rd Jan 2023 04:13 pm by rohit kumar

The Indian economy has improved in 2022 after dealing with the challenges posed by the Corona pandemic. This is expected to further improve India's growth rate in the coming quarters. However, the economy also faces risks such as geopolitical tensions, the strengthening of the dollar, and high inflation. Nevertheless, the positive trend of economic growth and improvement in basic activities will help the country to weather the global headwinds, which may hurt India's exports in the coming months.

 

Arvind Panagariya, the former vice-chairman of NITI Aayog, said that if nothing happens in the budget, which will have a negative impact, then the growth rate of seven percent should be maintained in the year 2023. He said that the depreciation of the rupee against the dollar along with high inflation has been a cause of concern for the policymakers. This made imports costlier and increased the current account deficit (CAD) of the country. The rupee will remain under pressure in the coming months as well.

 

India faces risks like high-interest rates and inflation

Andrew Wood, director of the sovereign and international public finance ratings at S&P Global Ratings, said India is reaping the benefits of strong GDP growth at market prices and rising revenues. However, India also faces risks such as a global slowdown, high-interest rates, and inflation.

 

India's growth rate was the highest at 9.7 percent in the September quarter. At the same time, the growth rate of euro currency areas was 3.2 percent.

 

Also Read: Demonetization: Currency circulation almost doubled despite demonetization, currency worth Rs 32.42 lakh crore is present in the country

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