According to a survey released by Deloitte India, India’s GDP growth for the financial year 2022-2024 is expected to be between 7.1-7.6%. The Ukraine-Russia war poses the biggest challenge for the Indian economy, it’s accelerating the prices and creating challenges for others.
On Sunday Deloitte India released a survey that estimated India’s GDP growth at nearly 7.4% with rising prices hastened by the Russia-Ukraine war. Other than that geopolitical instability emerges as a factor affecting the Indian economy.
These factors exacerbated the pre-existing challenges such as surging inflation, shortages in supply, etc. The report further said, “The subsequent confluence of headwinds such as surging commodity price and disruption in trade and financial transactions quickly deteriorated economic that were trending up a few months back”.
The report estimated that India commands as the world’s fastest-growing economy in the following next few years and will drive world growth. Also, the survey reported the GDP growth for the 2024-2024 fiscal year would be 6-6.7%.
Reserve Bank of India also projected a 7.2% GDP growth for the current financial year ending March 2024. Not before next year but It also seems that the Indian currency Rupee will strengthen its position against the American dollar, currently the rupee depreciates at lowest79.62 against the US currency.
Deloitte India’s economist Rumki Majumdar said “ The desire of global businesses to look for more resilient and cost-effective investment and export destinations during difficult times, among other factors, could work in India’s favor,”
GDP CONCLUSION
The overall outcome of the survey is that amide pandemic, geopolitical instability, and war situations like many factors affecting our economy but as the situation is getting better and our economic growth will also accelerate with it.
Where India is currently facing trouble with the economy and is likely to head toward inflation this survey could boost confidence and show hope for the future.
