Indian economy grows 7.2% in the 2022-2023 fiscal year

New Delhi – The country’s Chief Economic Advisor (CEA), V Anantha Nageswaran, announced that the Indian economy will advance at the growth rate of 7.2% in the fiscal year 2022-23. Nageswaran expressed satisfaction that the country could achieve this target due to the excellent performance of the agriculture, manufacturing, construction and mining sectors. This has taken the Indian economy to about $3.3 trillion, said the Office for National Statistics (ONS). While the economies of major countries worldwide are entrapped in crisis, the Indian economy’s progress proves remarkable.

The Indian economy grew by 6.1% last quarter from January to March. Hence, the Indian economy recorded a growth rate of 7.2% in the financial year 2022-23, said Nageswaran. Besides, the CEA also noted that the deficit decreased from 6.71% to 6.4% in this financial year. He further said to try and bring this deficit down to 5.9% in the recent financial year. The Indian economy will grow at a tremendous pace in the coming times, said the head of the World Economic Forum (WEF) recently. Given the current performance of the Indian economy, he expressed this confidence.

The performance of major economies worldwide in the financial year 2022-23 was disappointing. A country like Germany, the fourth largest economy in the world, has also suffered losses due to the recession. At the same time, the US economy seems to be standing on the verge of becoming bankrupt. The figures to be published from China, the world’s second-largest economy, were discussed to be worrisome. In such a situation, it becomes noteworthy that India, the fifth-largest economy in the world, shows excellent economic performance.

Due to this progress, the credibility of India has increased, and the flow of typical foreign investment coming to India also seems to be growing. For example, this investment will ensure India’s growth and lead to greater economic growth and job creation, said the head of the WEF. The head of the WEF had claimed that due to this new job creation, the Indian economy would grow faster further.

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