India will remain among the fastest growing economies in Asia amidst the global recession, the reason being

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India among the fastest growing economies in Asia

India on Recession: India will be one of the fastest growing economies in Asia with an economic growth rate of 6.6 per cent in the current financial year amid a global slowdown. The Organization for Economic Co-operation and Development (OECD) in its latest ‘Economic Outlook’ report has said that India will fall one place behind Saudi Arabia in 2022-23 despite a fall in global demand and an aggressive monetary policy to contain inflation. It is set to become the second fastest growing economy among the G20 countries.

faster growth than these countries

India’s gross domestic product (GDP) growth will slow to 5.7 per cent in fiscal 2023-24 due to softening growth in exports and domestic demand. However, it is still growing faster than many other G20 economies, including China and Saudi Arabia. After growing at 6.6 per cent in FY 2022-23, the economy will slow down in the coming quarters and reach 5.7 per cent in 2023-24 and seven per cent in 2024-25.

India’s name will be among the largest economies of Asia

The OECD has said that economic growth in 2023 is strongly dependent on major emerging markets in Asia. They will account for about three-quarters of global GDP growth next year, while Europe and the US will contribute less. The OECD estimates that if the global economy avoids recession, some of Asia’s largest economies, such as India, will have a big hand in it. The global economy is projected to grow at 3.1 percent this year and only 2.2 percent in 2023.

There is no such fear of recession in India

Kumar said that the economies of America, Europe, Japan and China are coming down. In such a situation, this situation can lead the global economy towards recession in the coming months. He said that the good thing is that there is no such fear of recession in India, because even though our growth may be negatively affected by global conditions, we are still on course to register a rate of growth of 6-7 per cent in 2023-24. I will be successful. The World Bank on October 6 has reduced the Indian economy’s growth forecast to 6.5 per cent for 2022-23, citing the deteriorating international situation. In June 2022, it had projected the Indian economy to grow at a rate of 7.5 percent. At the same time, the International Monetary Fund (IMF) has estimated the growth rate of the Indian economy to be 6.8 percent in 2022.

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