Against the uncertain global backdrop, India has been in the spotlight for being the fastest-growing major economy. Foreign investors are acknowledging India’s growth prospects. India as an emerging market clearly stands out.
In recent years, India’s economic growth has surpassed expectations. For instance, during the peak of Covid-19 in FY21, India’s GDP contracted by 6.6% compared to the estimate of a contraction of 9.5%. At the onset of Covid-19, the Reserve Bank of India (RBI) was proactive with its monetary easing and liquidity support. It needs to be commended for the host of measures it introduced.
The gradual lifting of restrictions by states saw both demand and consumer confidence come back sharply from September 2020. Strong GDP growth has continued in the current fiscal with Q1 GDP increasing by 7.8% and Q2 GDP by 7.6%. RBI has increased its GDP target for the year from 6.5% to 7%.
The onset of the Russia-Ukraine war saw spiralling oil prices and inflation started hitting the Indian economy from April 2022. But the RBI reined in inflation through a series of calibrated measures. The one key challenge that
India faces is its dependence on oil. The trajectory of oil prices always needs to be watched as India is the third largest importer of oil in the world. The oil import bill has a very large influence on India’s current account balance.
For instance, the Israel-Palestine conflict is the latest event causing enormous geopolitical concerns. Further escalation could be detrimental to inflation, oil prices, and international trade.
This story is from the February 18, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 18, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
What The Future Holds For Amazon India
The E-commerce Giant Has Seen Steady Growth Since Its Entry Into India In 2013, But The Offline Piece Remains A Challenge. After Losing Out On The Future Retail Acquisition, How Does It Plan To Keep The Growth Engines Revving?
Time To Unshackle?
Young India Is Obsessed With Apps. But The Gateway To Them Is Closely Guarded By Two Tech Behemoths-google And Apple-who Control 99% Of The Market In India. Is It Time For India To Break Free From This Duopoly And Have Its Own App Store?
"Understand what drives key talent"
Novartis India is a part of the Basel, Switzerland-headquartered pharma major Novartis AG
MILLENNIALS MISSING HOME
SKY-HIGH PROPERTY PRICES, COUPLED WITH SLOW INCOME GROWTH, HAVE MADE THE DREAM OF OWNING A HOME A DISTANT ONE FOR MANY MILLENNIALS. THIS COULD LEAD TO STAGNATION IN SOCIAL MOBILITY AND POTENTIALLY DEEPEN EXISTING SOCIAL INEQUALITIES
SIGNATURE MOVE
SIGNATURE GLOBAL, A LEADER IN AFFORDABLE HOUSING, IS LOOKING TO GET BACK IN THE BLACK WITH A SHIFT IN FOCUS TO MID-SEGMENT AND PREMIUM HOUSING AFTER LOW-COST PROJECTS BECAME UNVIABLE FOR DEVELOPERS
MAKING A MARK
PHARMA MAJOR GLENMARK IS STRATEGICALLY PLOTTING ITS WAY UP, ALL BY SHIFTING ITS FOCUS TO BRANDED AND SPECIALITY MEDICINE AND ENSURING IT GETS ITS R&D RIGHT
DIGITAL DICHOTOMY
Where does one draw the line between protecting consumer interests and maintaining market freedom? Industry and experts are debating this even as the Digital Competition Bill seeks to rein in Big Tech firms in India, the world's second-largest internet market
"ChatGPT helped people understand the benefits of using AI"
Humane Inc. Co-founders Imran Chaudhri and Bethany Bongiorno on AI, their product, the company's vision, and more
ON THE FAST TRACK
THE DEDICATED FREIGHT CORRIDORS (DFC) NETWORK OF THE INDIAN RAILWAYS HAS STARTED ATTRACTING MORE FREIGHT PLAYERS. FROM CONNECTING MAJOR PORTS TO CRISS-CROSSING MULTIMODAL LOGISTICS PARKS, DFCS ARE SET TO BE A GAME CHANGER FOR FREIGHT SERVICES IN INDIA
WE HAVE A MODEL MADE IN INDIA, FOR INDIA, AND BY INDIA"
Manish Tiwary, Country Manager of Amazon India, on the opportunities in the country, digital, and more