India's GDP may grow 7.5-8% in FY23 on enhanced exports: CII President
- IBEF
- April 26, 2022
According to President, CII and CEO & Managing Director of Tata Steel Limited, Mr. T V Narendran, India's GDP is forecasted to increase 7.5-8% in FY23, with exports playing a vital role in the country's success story. Inflation is projected to be within the RBI's target range for the year.
The pandemic-related limitations have been relaxed, consumer demand has risen significantly, particularly in contact-intensive industries. India is considerably better prepared to handle the next wave. In terms of immediate action, the immunisation of children under the age of 18 and the delivery of a preventive dose could be accelerated.
Although the spike in oil and other commodity prices has hurt industry profits and consumer spending power. Russia and Ukraine offer roughly 10-11% of world exports is coking coal. It is a crucial component in the production of steel. Due to supply interruptions, its price has risen, impacting Indian steel producers. Global coal prices have climbed by more than 400% on an annual basis so far, and because it is a crucial component in the production of power as well as various industrial industries, it has elevated input costs across sectors.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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