While there was noticeable impact on businesses worldwide, Indian industry showed remarkable resilience. Deft policy interventions by the government and Central Bank paved the way for businesses to bounce back from the pandemic effect, while sustained policy reforms have provided a foundation for growth.
According to the latest IMF projections, global economic growth is expected to slow from 3.4 per cent in 2022 to 2.9 per cent in 2023 before rebounding to 3.1 per cent in 2024. Though the Indian economy too was hit hard by the pandemic and contracted by a record 6.6 per cent in FY2021, its inherent resilience coupled with fiscal and monetary policy working in tandem, saw it subsequently become the fastest growing, large economy in the world. In fact, the IMF has referred to India as a “rare bright spot” with growth prospects supported by favourable demographics, a growing middle class, large domestic market unified by the introduction of GST, and ongoing economic reforms.
Quest for Amrit Kaal
This story is from the 22 April 2023 edition of Business World India.
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This story is from the 22 April 2023 edition of Business World India.
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