Economy to grow at 7% despite global headwinds: Finance Ministry Data
- IBEF
- February 24, 2023
The Indian economy is estimated to grow by 7% year-on-year in the current fiscal, despite the global economy operating under an extremely challenging macroeconomic environment.
According to the monthly economic review for January 2023, the union budget's measures to increase capital spending focus more on infrastructure development, supporting the green economy, and strengthening the financial markets are expected to promote job creation and accelerating economic growth.
It was also noted that the new personal income tax regime is expected to boost consumption, which would therefore provide more impetus to economic growth. In addition to this, easier KYC norms, expansion of DigiLocker services, and overall impetus on digitisation and last-mile connectivity are predicted to strengthen financial markets.
With the emphasis on macroeconomic stability in the last several years, the Indian economy faces the year ahead with confidence while being mindful of the risks, the survey emphasised.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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