New Delhi: India will remain the fastest-growing economy in the world, though the growth rate may witness a slight decline to, according to the projection by the Economic Survey for 2022-23.
India’s Gross Domestic Product (GDP) growth is projected to slip to 7 percent in the current fiscal ending March from 8.7 percent in 2021-22.
The country’s growth rate projected next financial year is the lowest in the last three years. The survey also points towards the possibility of the fiscal deficit further going up and the Indian currency again facing depreciation pressure.
However, the Economic Survey presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday observed that the Indian economy has fully recovered from the after-effects of the Covid pandemic. The world economic outlook report released by the International Monetary Fund (IMF) too forecasts a similar trend in India’s growth. India is slated to be the fastest-growing economy in the next fiscal, though the growth rate of 6.8% in the current financial year may fall to 6.1% next fiscal, the IMF predicted.
However, the country will recover quickly and again witness a growth rate of 6.8% in FY 2023-24, the report said. The positive view on Indian economic growth comes even as the report predicts that big financial powers like the US, European Union, and the UK will continue to reel under the economic slowdown in the coming years.
