The Indian economy is projected to grow at the fastest pace in the world for the next two years. It may grow at 9 percent in 2022-23 and 7.1 percent in 2023-24. The International Monetary Fund (IMF) said in the global GDP growth forecast, that the global growth rate is likely to be 4.4 percent in 2022-23 and 3.8 percent in 2023-24.
The growth rate of developed countries can be 3.9 percent and 2.6 percent. The growth rate of emerging and developing countries is expected to be 4.8 percent and 4.7 percent respectively. The US economy can grow at 4 percent and 2.6 percent. The growth rate of the eurozone is estimated to be between 3.9 and 2.5 percent.
Growth rate
The growth rate maybe 9.0 percent in 2022-23
The growth rate may remain at 7.1 percent from 2023-to 24
2022-23 Estimates
institute first now
World Bank 8.7 8.0
Reserve Bank 7.8 7.2
City Group 8.3 8.0
Morgan Stanley 8.4 7.9
Fitch Rating 10.3 8.5
The Ukraine war will have an impact on the growth rate
The Asian Development Bank estimates that India's growth rate maybe 7.5 percent in 2022-23 and 8 percent in 2023-24. During this period, China's growth rate is estimated to be between five percent and 4.3 percent. However, India's growth rate could have accelerated further in 2022-23. However, the war between Russia and Ukraine is expected to have little impact.
India capable of fighting challenges: RBI
There are challenges before India regarding the ongoing crisis at the global level. But it is meeting these challenges well with large-scale vaccination, strengthening the financial sector, and better exports. RBI has said in an article that India has entered a new era by overcoming the third wave of Corona. Economic activity is booming in many areas. According to this, it will be important to encourage private investment to keep the growth at a high level for a long time in the times to come. According to the article, external exposure to capital outflows from foreign investors, coupled with rising trade and current account deficits, also poses risks.
Banks are rapidly implementing monetary policy announcements
Banks are increasingly implementing monetary policy announcements. This has picked up, especially after the adoption of the External Standard Linked Lending Rate (EBLR) regime in October 2019. The internal benchmark-based lending rate regimes faced several issues. There were also MCLR cases in this.
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