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'Indian economy to grow at 7% despite global headwinds'
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IANS | 23 Feb, 2023
Despite the global economy operating under an extremely challenging
macroeconomic environment like the geopolitical tensions in Europe,
spiralling energy, food and fertiliser prices, monetary tightening and
inflationary trends having elevated the downside risks to the global
economic outlook, the Indian economy is estimated to grow by 7 per cent
year-on-year in the current fiscal.
The monthly economic
review for January 2023 released by the finance ministry on Thursday,
said that the measures announced in the union budget like a rise in
capital expenditure, increased focus on infrastructure development,
boost to the green economy, and initiatives for strengthening financial
markets are expected to promote job creation and spur economic growth.
"Measures
announced for the MSME sector will likely reduce the cost of funds and
aid small enterprises. Revision in tax slabs under the new personal
income tax regime is expected to boost consumption, thus providing more
impetus to economic growth," it noted.
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, the survey noted further.
Thanks to 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.
"The last three years have
seen the global economy endure a health crisis and a debilitating
(ongoing) conflict in Europe. Governments and central banks of advanced
and emerging market economies responded to the consequent economic
challenges, first with stimulus and later with restrictive policies,"
the document pointed out.
The rise in economic uncertainties is reflected in the unevenness of performance of the global economy in 2022, it noted.
"During
the fourth quarter of 2022-23, various high-frequency indicators (HFIs)
pointed towards a slowdown in general, as monetary tightening appeared
to have started weakening global demand. This may continue in 2023 as
various agencies have forecasted a decline in global growth. Apart from
the lagged impact of monetary tightening, the uncertainties emanating
from the lingering pandemic and relentless conflict in Europe may
further dampen global growth," the survey observed.
However, it
added that "Even as global output is expected to slow, the IMF and the
World Bank project India to be the fastest-growing major economy in
2023".
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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