Indian economy to boom with trillions of dollars

The Indian economy booming with trillions of dollars would make India a global super power.

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The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors.It is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
Under the leadership of Prime Minister Narendra Modi, the Indian economy is growing by leaps and bounds.
According to the International Monetary Fund (IMF), on a per capita income basis,
on a per capita income basis,The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors.It is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
Under the leadership of Prime Minister Narendra Modi, the Indian economy is growing by leaps and bounds.india ranked 142nd by GDP (nominal) and 125th by GDP (PPP
According to the International Monetary Fund (IMF), on a per capita income basis,on a per capita income basis, I).From independence in 1947 until 1991, successive governments followed Soviet style planned economy and promoted protectionist economic policies, with extensive state intervention and economic regulation.
India will soon emerge among the world’s top three developed economies owing to the structural reforms taken in the past eight years, Union Minister for Commerce and Industry Piyush Goyal expressed recently.
Chief Economic Advisor V. Anantha Nageswaran said few days back that the Indian economy will be $3 trillion by the end of the current 2022-23 fiscal and is expected to be $7 trillion in the next seven years.
On its part, the government had previously said India would become a $5 trillion economy by 2025.
Speaking at a session organised by MCCI, Nageswaran said virtually that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will “create geo-political and geo-economic uncertainties”.
India is currently a $ 3.1 trillion economy. It took India 60 years since Independence to become one trillion-dollar economy, but the next trillion dollars was added only in 7 years. The 3rd trillion was added in just 5 years in 2019. The growing momentum could see India add on average 1 trillion dollar to its economy every two years for the next 14-15 years. According to the report of the Centre for Economics and Business Research (CEBR), India will become a $ ten trillion economy by 2035.
In a big boost, Olivier Gourinchas, chief economist of the IMF recently pointed out that India has emerged as “a bright light” at a time when the world is facing imminent prospects of a recession. This optimism is a result of certain fundamentals that have allowed India the scope for high growth in coming years.
India’s gross domestic product growth in the first half of the current fiscal year averaged at 9.7 per cent, the finance ministry said in its mid-year expe¬nditure and revenue state¬ment on Tuesday.
The ministry said it could not present the medium-term expenditure framework (MTEF)¬, as mandated by the Fiscal Respon¬sibility and Budget Manage¬ment Act, because the global macro-economic situation disrupted the government’s projections. “India’s economic growth, measured by growth in GDP at constant prices, has been estimated at 9.7 per cent for the first half (April-September) of FY23, as compared to 13.7 per cent in H1FY22 and 4.7 per cent in H2 of FY22,” the ministry said.
The fundamentals of the Indian economy, according to the RBI, are sound and resilient and it is confronting strong global headwinds. These are the views of the central bank’s Financial Stability Report, which expressed optimism over economic growth.
“The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets.
“The Indian economy is confronting strong global headwinds. Yet, sound macroeconomic fundamentals and healthy financial and non-financial sector balance sheets are providing strength and resilience and engendering financial system stability,” the RBI noted.
The Indian economy is growing by leaps and bounds. The Indian economy booming with trillions of dollars would make India a global super power.
.From independence in 1947 until 1991, successive governments followed Soviet style planned economy and promoted protectionist economic policies, with extensive state intervention and economic regulation.
India will soon emerge among the world’s top three developed economies owing to the structural reforms taken in the past eight years, Union Minister for Commerce and Industry Piyush Goyal expressed recently.
Chief Economic Advisor V. Anantha Nageswaran said few days back that the Indian economy will be $3 trillion by the end of the current 2022-23 fiscal and is expected to be $7 trillion in the next seven years.
On its part, the government had previously said India would become a $5 trillion economy by 2025.
Speaking at a session organised by MCCI, Nageswaran said virtually that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will “create geo-political and geo-economic uncertainties”.
India is currently a $ 3.1 trillion economy. It took India 60 years since Independence to become one trillion-dollar economy, but the next trillion dollars was added only in 7 years. The 3rd trillion was added in just 5 years in 2019. The growing momentum could see India add on average 1 trillion dollar to its economy every two years for the next 14-15 years. According to the report of the Centre for Economics and Business Research (CEBR), India will become a $ ten trillion economy by 2035.
In a big boost, Olivier Gourinchas, chief economist of the IMF recently pointed out that India has emerged as “a bright light” at a time when the world is facing imminent prospects of a recession. This optimism is a result of certain fundamentals that have allowed India the scope for high growth in coming years.
India’s gross domestic product growth in the first half of the current fiscal year averaged at 9.7 per cent, the finance ministry said in its mid-year expe¬nditure and revenue state¬ment on Tuesday.
The ministry said it could not present the medium-term expenditure framework (MTEF)¬, as mandated by the Fiscal Respon¬sibility and Budget Manage¬ment Act, because the global macro-economic situation disrupted the government’s projections. “India’s economic growth, measured by growth in GDP at constant prices, has been estimated at 9.7 per cent for the first half (April-September) of FY23, as compared to 13.7 per cent in H1FY22 and 4.7 per cent in H2 of FY22,” the ministry said.
The fundamentals of the Indian economy, according to the RBI, are sound and resilient and it is confronting strong global headwinds. These are the views of the central bank’s Financial Stability Report, which expressed optimism over economic growth.
“The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets.
“The Indian economy is confronting strong global headwinds. Yet, sound macroeconomic fundamentals and healthy financial and non-financial sector balance sheets are providing strength and resilience and engendering financial system stability,” the RBI noted.
The Indian economy is growing by leaps and bounds. The Indian economy booming with trillions of dollars would make India a global super power.

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