The economy has bounced back in the green to be among one of the fastest-growing major economies in the world. The steps announced were balanced and planned responsibly, even now when the central banks are unwinding their easy monetary policy it has had minimal impact on the economy and much of the measures were consumption focused. The $3.2 trillion economy is poised to grow strength to strength in FY23 as well as FY24.
As per the Reserve Bank of India's estimate, the real GDP growth is expected to grow at 7% for FY23 and 6.4% for FY24. The growth is expected to be evenly balanced and consistent as the estimate suggests growth for Q1 of FY24 at 7.8%, for Q2 at 6.2%, Q3 at 6%, and Q4 at 5.8%.
It was only recently that the country's GDP grew to become the fifth largest in the world, leaving behind its erstwhile colonizer UK. There are a host of factors that have helped India become the fifth-largest economy. Going forward India is poised to become a $6 trillion economy which will be the third largest behind only China and the US. Let's take a look at the journey till now, factors that will help drive the economy to that position in the next decade, and also the likely impact of that.
The Journey, and the march to $6 trillion
The journey has not been so easy. It has been a growth of epic proportion over the past 7 decades. And as we grew, the next phase of growth only became easier. As shown in the illustration below, the Indian economy took almost 58 years to reach the first trillion, from its independence in the 1950s to 2007. Whereas it took just 7 years to grow from the first to the second trillion. To be sure, India opened up its economy to foreign investment.
Diese Geschichte stammt aus der May 2023-Ausgabe von Investors India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 2023-Ausgabe von Investors India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
ASK THE EXPERT
Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida
How to Naturally Reverse Fatty Liver Disease
The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?
Understanding Momentum Funds
Momentum funds are a type of investment fund that focuses on companies experiencing positive momentum in factors such as earnings, revenue, and stock price movement.
Risks and opportunities associated with Small Caps
Small-caps are a stock-picker’s paradise.
How to navigate your portfolio through bull market a
Indian equities have been in a bull run for the past four years.
Choosing mutual fund schemes depending on your age to achieve life goals
The choice of mutual fund (MF) scheme might be influenced by one’s risk profile or age.
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.
Be Kind To Your Kidneys
The kidney is a vital organ in our body which is four inches long and two and a half inches in width.
