Pushing for Growth
Businessworld India|December 31, 2022
While the global outlook for 2023 remains bleak, India may emerge as a beacon of growth and recovery
ASHISH SINHA
Pushing for Growth

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.

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.

FLERE HISTORIER FRA BUSINESSWORLD INDIASe alt
MEMORIES & IMPRESSIONS
BW Businessworld

MEMORIES & IMPRESSIONS

Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.

time-read
3 mins  |
October 19, 2024
The Robotaxi Market
BW Businessworld

The Robotaxi Market

The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.

time-read
1 min  |
October 19, 2024
And the Nobel Prize Goes to AI
BW Businessworld

And the Nobel Prize Goes to AI

The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.

time-read
1 min  |
October 19, 2024
Ola Electrified
BW Businessworld

Ola Electrified

Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.

time-read
1 min  |
October 19, 2024
Sharp Slide in Industrial Output on Eve of Deepavali
BW Businessworld

Sharp Slide in Industrial Output on Eve of Deepavali

India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.

time-read
1 min  |
October 19, 2024
Heralding the Solar Era with Sustainable Electrification
BW Businessworld

Heralding the Solar Era with Sustainable Electrification

RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more

time-read
2 mins  |
October 19, 2024
A WELL-GREASED MACHINE
BW Businessworld

A WELL-GREASED MACHINE

The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar

time-read
4 mins  |
October 19, 2024
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
BW Businessworld

DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH

For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh

time-read
7 mins  |
October 19, 2024
Disruption Ahead: Beyond Organisation Charts and Structures
BW Businessworld

Disruption Ahead: Beyond Organisation Charts and Structures

ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.

time-read
3 mins  |
October 19, 2024
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
BW Businessworld

Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment

We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.

time-read
2 mins  |
October 19, 2024