Indian Economy: India is currently an attractive destination in the global economy and is moving strongly towards achieving 6.7 per cent economic growth next year. A top United Nations economist has given this estimate. The UN economist said that this growth rate is much higher than that of the G-20 member countries. While presenting the ‘World Economic Situation and Prospects 2023’ report, Hamid Rashid, head of the Global Economic Monitoring Branch of the Economic Analysis and Policy Segment at the United Nations Department of Economic and Social Affairs, said, “I think India is currently an attractive position in the global economy.” venue.”
India’s GDP is expected to be 5.8 percent in the year 2023
It has been said in this report that India’s GDP (Gross Domestic Product) growth rate is expected to be 5.8 percent in 2023 amid the impact of high interest rates and economic slowdown on investment and exports worldwide.
India’s economic growth rate expected to remain strong
Rashid said, “The situation regarding economic growth rate in other South Asian countries is going to be very challenging while India’s economic growth is expected to be strong. India’s fastest growing major economy in the world is expected to grow at 6.7 percent in 2024. Estimated to live.” “We believe that the Indian economy will be in good shape with strong demand in the near future,” he said.
India’s economic growth rate is estimated to increase to 6.7 percent in 2024
Rashid said that the economic growth rate is expected to increase to 6.7 percent in 2024 and is much better than other G-20 countries. There are 19 countries in G-20 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK and US Along with it is the European Union (EU).
He said, “This is a reliable and sustainable growth rate for India. Many people live below the poverty line in India. That’s why this level of growth rate is better. If India can maintain this rate of growth, then it will be able to meet the Sustainable Development Goals.” And will be good for reducing global poverty. In response to a question on the Indian economy, Rashid attributed India’s current economic strength to three factors.
Domestic demand in India is very strong
He said that the unemployment rate in India has come down drastically to 6.4 per cent in the last four years. This means that the domestic demand is very strong. Rashid said that the inflationary pressure in India has also come down significantly and it is estimated to be around 5.5 per cent this year and five per cent in 2024. He said that this means that the country’s central bank will not need to adopt an aggressive stance on the monetary policy front.
India’s import bill remained low
Rashid said that the third fact that benefits India is that the import bill has been low here. Energy import costs in particular have been low. This also improved India’s growth rate prospects in 2022 and 2023.
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