Economic Growth: India’s growth rate may remain 7 to 8.5 percent amid global challenges

Indian Economy: Chief Economic Adviser (CEA) V Anantha Nageswaran said that in view of the global challenges, India’s economic growth rate in the current financial year can be between 7 and 8.5 percent. The International Monetary Fund (IMF) has recently reduced its growth forecast for the Indian economy to 8.2 per cent for the fiscal year 2022-23. This, however, is higher than the Reserve Bank of India (RBI) estimate. RBI has projected a growth of 7.2 percent in the domestic economy.

Know what the CEA said?
Speaking at an event here, Nageswaran said, “The scope of the results of growth in the economy is very wide. This gap can be much wider, which makes the decision more dangerous. It takes a lot of luck to guess it correctly.

Growth can happen at the rate of 8.5%
According to the Economic Survey, India’s economy can grow at the rate of 8 to 8.5 percent in the current financial year starting from April 1, 2022. The Chief Economic Adviser said he had discussions with Fitch Ratings in the afternoon, which has kept its growth forecast for the current fiscal at 8.5 per cent.

CII had also released the estimate
Confederation of Indian Industry (CII) President TV Narendran said that in the current financial year 2022-23, the Indian economy can grow at the rate of 7.5 to 8 percent and exports will play a major role in this. He said that the country needs to be prepared in view of the impact of the ongoing military conflict between Russia-Ukraine and the possibility of a new wave of Kovid-19 epidemic. He said that the increase in new cases of corona infection at the global level will also have an impact on the global supply chain and these aspects have also been included in the growth forecast of the CII economy.

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