India economy to grow at quickest pace among large nations: Finmin report
- IBEF
- February 17, 2022
India has been the only major country listed by the International Monetary Fund (IMF) whose growth projection has been revised upwards in 2022-23.
On the strength of several efforts taken by the government in Budget 2022-23, the Indian economy is prepared to grow at the fastest rate among the league of large nations, according to the Finance Ministry's Monthly Economic Review. The Union Budget of 2022-23 has aided this, by increasing the CAPEX by 35.4% as compared to the Union budget of 2021-22. This is 4.1% of the total GDP, the CAPEX and GatiShakti will reduce the infrastructure gap and facilitate private investment in the country.
The International Monetary Fund (IMF) said, "In a testimony to the resilience of its people and the farsightedness of its policymaking, the Indian economy that contracted by (-) 6.6% in 2020-21 is now projected in 2022-23 to grow the quickest among the league of large nations.”
In 2022-23, the Budget has set a nominal GDP growth target of 11.1%, with a GDP deflator of 3.0-3.5%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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