India will be the world’s fastest growing economy for the next few years – Report

India’s growth will be fastest

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According to the report, India’s Gross Domestic Product (GDP) growth rate will be 7.1 to 7.6 percent in 2022-23. Whereas in 2023-27 it will be between 6 to 6.7 percent.

rising inflation rate in the world and Russia Ukraine crisis ,Russia Ukraine crisis) India’s pace will be faster than the speed of all other economies. However, there may be a slowdown in this compared to the earlier estimates. Leading consulting company Deloitte India has given this report. According to the report, the effect of both inflation and conflict is being seen on all the economies of the world. Although the Indian economy continues to grow steadily. It has been estimated in the report that India’s growth in the current financial year (Growth) will remain above 7 percent.

What is the estimate in the report

India’s Economic Outlook-July, 2022 report by leading consulting firm Deloitte India states that the Indian economy will grow at the rate of 7.1 to 7.6 percent in the current fiscal year 2022-23, despite the global crisis caused by the Russo-Ukraine war. However, it was also said in the report that when the year 2021 was ending, there were more expectations at that time. But these hopes got a setback with the new form of the corona virus, Omicron. The report said that due to the new developments, the already existing challenges such as inflation rate, the effect of shortage of supply have been increased. The report also said that India can still maintain the status of the world’s fastest growing economy despite rising commodity prices, high inflation rates and supply constraints. The report says that India’s Gross Domestic Product (GDP) growth rate will be 7.1 to 7.6 percent in 2022-23. Whereas in 2023-27 it will be between 6 to 6.7 percent. This will ensure that India remains the fastest growing economy in the world for the next few years.

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What is Nomura’s opinion

On the other hand, Nomura, through a note written by Aurodeep Nandy and Sonal Verma, said that the medium term due to high inflation, strictness in policies by central banks, impact on private capital expenditure, power shortage and fears of a worldwide recession. The difficulties in the economy will increase. For this reason, Nomura has reduced the GDP growth forecast for the year 2023 from 5.4 percent to 4.7 percent. At the same time, GDP growth of 7 percent for the financial year 2022-23 and 5.5 percent for 2023-24 has been estimated. According to the report, the domestic economy has crossed the pre-epidemic level and many sectors are continuing to improve, but rising inflation is a matter of concern.

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