India Has Become The Fastest-growing Economy In The World
India has become the fastest-growing economy in the world. The Indian economy is the fastest-growing economy in the world.
These sectors outperformed; Know the financial position of the government.
Proving the estimates of all research agencies wrong, the Indian economy performed better and touched a growth rate of 8.7 percent in the financial year 2021-22.
In this way, India has become the fastest-growing economy in the world.
However, this increase in the growth rate has been less than the growth rate of 8.9 percent released by the government in February 2022.
In the financial year 2020-21, a decline of 6.6 percent was recorded in the growth rate.
In the fourth quarter (January-March) of the current financial year 2021-22 also, the growth rate was higher than the estimate by 4.1 percent.
During this period, growth was expected to remain low due to the influence of Omicron and the start of the Russo-Ukraine war.
But the economy remained strong due to good capital spending and export performance. It is true that the growth rate of the fourth quarter is less than 5.4 percent of the third quarter.
But the total GDP in the fourth quarter was 40.78 lakh crores while the GDP in the third quarter (October-December) was Rs 38.21 lakh crores.
The GDP for the fourth quarter of the financial year 2020-21 was Rs 39.18 lakh crore.
Indian economy performed better than before in all sectors except services during Covid.
In the financial year 2021-22, the performance of the Indian economy in all other sectors, except the service sector connected with hotels, and transport, was better than the previous financial year 2019-20.
According to the data released by the government, India’s GDP was Rs 1,47,35,515 crore in the financial year 2021-22.
While the country’s GDP was Rs 1,35,58,473 crore in the financial year 2020-21 and Rs 1,35,58,473 crore in the financial year 2019-20, Rs 1,45,15958 crore in 2020-21 .
In the financial year 21-22, private consumption also surpassed the previous financial year of Corona.
The performance of all sectors like manufacturing, mining, construction, finance, and professional services showed better than the financial year 2019-20.
India has become the fastest-growing economy: The growth rate is expected to remain strong.
Despite the adverse situation globally, the Indian growth rate is expected to remain strong in the current financial year 2022-23 as well.
Rising inflation can certainly prove to be a deterrent to growth, but the measures being taken by the government to control inflation and adequate stock of food grains.
The continuous increase in exports, increase in government capital expenditure along with private consumption are the reasons.
The condition of India is much better than many other countries.
Chief Economic Adviser V Anantha Nageswaran said India’s inflation is mainly imported and external inflation accounts for up to two percent of retail inflation.
Rabi production was higher than last year and rural demand is expected to remain strong with a normal monsoon.
In the last financial year 2021-22, six lakh crores were spent as capital expenditure, which will continue even further.
The PMI of the manufacturing and services sector is showing strength.
Fiscal deficit at 6.7 percent of GDP.
The fiscal deficit stood at 6.7 percent of GDP in FY21-22 due to tightening of tax collections and control over expenditure, while the government had estimated the fiscal deficit at 6.9 percent of GDP.
