Indian economy will progress at a promising growth rate

Mumbai: The Indian economy will develop at a rate of 7.4 per cent in the fiscal year 2023. Union Finance Minister Nirmala Sitharaman stated that the same growth rate would also continue in its next financial year. With the confirmation from RBI, the finance minister, in a program organised in Mumbai, stated that India will become a progressive country with a high rate of development and will be the largest among the major economies in the future. The International Monetary Fund and the World Bank, too, had predicted this.

The world is facing another terrible crisis due to the conflict in Ukraine. Because of this, The supply chain has been disrupted, and production has been adversely affected. Poor and developing countries, along with the countries considered developed or prosperous, are facing this problem. The world economy, including these countries, seems to be on the verge of recession. Some financial sector organisations have said that the risk of recession in India is unlikely. However, the upheavals at the global level would impact India’s economic performance. The international events are affecting the exports of the country.

Due to the slowdown in economic growth, global demand has declined. Sitharaman pointed out that this has affected India’s exports, industries, and sectors related to exports. Finance Minister Sitharaman informed that during such challenging times, the central government is trying to find a way out by discussing with those who are facing this crisis.

Meanwhile, Sitharaman said that the popular but dangerous decision of providing free facilities to the public could have far-reaching consequences. Sitharaman added that these decisions could affect other issues. Economists have stated that Sri Lanka and other neighbouring countries of India are witnessing the effects of such conclusions. Hence, according to economists, there is no alternative but to follow financial discipline; else, the economy might collapse during the crisis.