South Africa tour of India 2019
Indian economic growth is the quickest
In comparison to current fiscal year's 7% growth and 2021–22's 8.7%, 6.5% growth is predicted for India's GDP in 2023–24. In the next fiscal, real GDP growth is predicted to be between 6 and 6.8%. India has been ranked as having the third-largest PPP economy and the fifth-largest exchange rate economy.
With the possibility of more interest rate increases by the US Fed, the challenge to the rupee's devaluation continues. The manufacturing processes have also changed gears from "moderate acceleration" to "cruise mode" as a result of the sharp increase in growth rates expected for 2021–2022 and the first half of the current fiscal year.
Due to low inflation and reasonable loan costs, the Bank's credit growth is anticipated to be brisk in FY24.
Given the ongoing conflict between Russia and Ukraine and the rising global commodity prices, the Current Account Deficit (CAD) may continue to grow. Although 6.8% inflation for this fiscal year is outside the top goal range, it is not thought to be high enough to discourage private expenditure.
The Economic Survey predicted on Tuesday that the tremendous problems confronting the world will likely damage exports, causing India's GDP, which is now the fastest expanding major economy in the world, to drop to 6–6.8% in the fiscal year commencing in April.
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