T HE International Monetary Fund (IMF) predicts global growth will slow down to 2.7 per cent in 2023. In a recent report it stated,"The worst is yet to come, and for many people 2023 will feel like a recession." For India, this may not be the case. In a recent visit to India, the Deputy Managing Director of IMF, Gita Gopinath said, "India is doing relatively well and it has had a few quarters of 4-6 per cent growth. That helps in terms of closing the gap from the sharp contraction that happened in 2020," she said. "Given the tough landscape, India is performing relatively well," Gopinath added.
Experts are divided on their prediction for India's GDP growth in 2023 with some rating agencies announcing a 6 per cent growth rate or even less. The point that Gopinath is highlighting is in the global context. Many countries in Europe, Asia and North America are expected to see stagnated growth.
Compare them to India, and we have a relatively shiny picture even if the rate of growth remains at 6 per cent or less.
The Indian economy needs to spend more. That is why the Finance Minister Nirmala Sitharaman has also indicated that India will continue to push the growth agenda on the back of increased public spending like before. "The upcoming Budget will follow the spirit of the earlier budgets. We are going to set the template, which was set earlier but follow it and take it further for India's next 25 years," Sitharaman said on an industry platform. The finance minister will be presenting her fifth straight Budget on February 1 for the fiscal starting April 2023. In her last Budget, the finance minister had raised
A RISING ECONOMY
World Bank revises 202223 GDP forecast upward to 6.9 per cent from 6.5 per cent
Total tax collection expected at Rs 31.50 lakh crore in FY23
Overall exports (AprilNov'22) estimated at 17.7 per cent growth over the same period last year
Denne historien er fra December 31, 2022-utgaven av Businessworld India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 31, 2022-utgaven av Businessworld India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders