Economic Advisory Council to the Prime Minister: India will emerge as the strongest economy with a growth rate of 7 percent in the year 2022-23 amidst the prospects of a recession in the world. Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister, said this on Sunday.
See what Sanjeev Sanyal said
Sanjeev Sanyal said that the way the external environment was positive in the early 2000s, when the global economy was growing, India can register a growth of 9 percent in the environment. He said that “there is definitely going to be an environment where many countries around the world will face low growth but they can also go into recession.” There are many reasons for this, from tight monetary policy to high energy prices and disruption caused by the Ukraine war.
World Bank had reduced the estimate
Let us tell you that recently the World Bank had reduced India’s growth rate estimate citing the deteriorating international situation. According to the latest estimates, the Indian economy will grow at 6.5 per cent in the fiscal year 2022-23, which is one per cent lower than the June 2022 estimate.
India will be the best
Sanjeev Sanyal said, “India will be the best performer in such a situation, it will be the strongest among the major economies in the current financial year with a GDP growth rate of 7 percent.” Narendra Modi Due to the reforms made by the government in the supply side, India’s economy has become more resilient and combative than before.
Rupee getting stronger
Sanyal said that if India gets the same external environment as it was between 2002-03 to 2006-07, when the global economy was growing, global inflationary pressures were less, in that case the economy could grow at the rate of 9 percent. Sanyal said, “But there is no such situation right now, given that 7 percent growth will be called a good performance.” It should be given preference based on the exchange rate of the rupee. ” Sanyal said that the dollar is strengthening faster than other currencies. Under these circumstances, the rupee is actually getting stronger in comparison to other currencies except the dollar.
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