Key Points
India expects its economy to grow around 7% in the next fiscal year despite new geopolitical risks emerging from the Red Sea crisis that could affect global inflation and economic output...
In the government's latest economic review on Monday, Chief Economic Adviser V. Anantha Nageswaran's team said India's growth will outpace the global economy in the next fiscal year that starts from April 1, supported by stable domestic demand and private investment...
"Recent events in the Red Sea may have brought back concerns over reliance on global supply chains, further aggravating the slower growth in global trade in 2023," the government said...
"The robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last 10 years," the review said.. S&P Global Ratings expects India will remain the fastest-growing major economy for the next three years, putting it on track to become the world's third-largest economy by 2030, overtaking Japan and Germany...
Strength in the financial sector and recent and future structural reforms will make it "eminently possible" for the Indian economy to grow above 7% in the coming years, the review said.. India expects headline retail inflation to gradually slow, the review added but did not specify a time frame..
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