December 26, 2022
The country’s growth rate for FY23 is projected to be 6.8%
The country's real Gross Domestic Product (GDP) is projected to grow at 6.1% in FY23
Real GDP projections for this fiscal stood at 6.8%
India has been contributing to the global growth of half a per cent this year
India’s growth rate is projected to be at 6.8% and 6.1% in FY23 and FY24 respectively, according to a report from the International Monetary Fund.
According to media reports, experts said that India continues to be the bright spot in an otherwise gloomy global economic scenario. The experts further added that the economy has witnessed healthy growth in 2022.
The IMF report said that the country’s real GDP is projected to grow at 6.8% in FY23 and 6.1 in FY24. IMF also projects that India has been contributing to the global growth of half a per cent this year, and will continue to do the same in 2023.
Rising worldwide economic challenges pose a hindrance to India’s export channels. However, India’s medium-term growth potential can be increased by the implementation of wide-ranging reforms. Additionally, greater than-expected dividends from accelerated digital adoption across the country will help it witness further growth.
With the right calibration of policies, and supportive initiatives to boost exports, India’s growth momentum will experience healthy upshifts.
Source: Financial Express