India’s growth is possible between 7 to 8.5 percent due to the ongoing uncertainty around the world: CEA
India’s growth possible between 7 to 8.5 percent
The IMF has recently reduced the growth forecast for India to 8.2 percent. However, this estimate is also higher than the estimate of 7.2 percent given by the Reserve Bank.
The country’s Chief Economic Adviser V Anantha Nageswaran said today that in view of the ongoing uncertainty around the world, India’s growth in the current financial year growth rate ,GDP Growth) can remain between 7 to 8.5 percent. The IMF has recently reduced the growth forecast for India to 8.2 percent. Although this estimate is also the Reserve Bank (RBI) is higher than the estimate of 7.2 percent. At the same time, according to the Economic Survey, India’s growth rate in the current financial year can be between 8 and 8.5 percent. CEA in a program (CEA) said that the uncertainty is high, making it very difficult to take a decision. Luck is also needed for the results to be correct.
Russia Ukraine crisis raised concerns
According to the CEA, the growth can be anywhere between 7 and 8.5 percent. The exact address of this will be known by when the crisis in Europe ends and how long will the impact on oil prices to fertilizer and food prices be visible. At present it is not possible to predict all these things. Along with this, the tightening of policies by central banks in developed countries will also have an impact on other countries. At present, in this episode, on Wednesday, the Reserve Bank has increased the repo rates. The Reserve Bank has cited rising inflation as the main reason for this move. Due to the rise in commodity prices across the world, the inflation rate in India has remained above the limit set by the Reserve Bank for the last 3 months.
It will take time to become a 5 lakh crore economy
On the other hand, due to the Kovid and then Russia-Ukraine crisis, the Indian economy will take 4 years more than the target to become a $ 5 trillion economy. In view of the current uncertainty, the IMF has estimated that the Indian economy will achieve this figure by the year 2029. It has been estimated in the report that according to the current estimates of GDP growth in India’s GDP, the size of the Indian economy can reach $ 4.92 trillion in the financial year 2028. In such a situation, only after the year 2028, India will be able to become a 5 trillion dollar economy.