Business

‘India To Remain Fastest Growing Economy This Year,’ Says Report

According to a Reuters survey of experts, India will continue to grow at the quickest rate among major economies this year and next, due to high government spending. These economists also predicted that inflation would not likely spike again.

The most populous nation in the world outperformed forecasts in the first two quarters of the current fiscal year, which ended in March. This is because the government is increasing its already high levels of expenditure to support economic development ahead of the May national election.

Prime Minister Narendra Modi’s government in recent years a lot has been spent on building infrastructure. The fact that private investment and job creation have underperformed indicates that New Delhi will continue to dominate India’s economic expansion.

An increase from 6.7% in a December poll, the economy is expected to grow by 6.9% this fiscal year, according to a Reuters survey of 54 economists conducted on January 10-23. Then, according to the last poll, it was predicted to grow by 6.3% in the upcoming fiscal year.

Due to pressure from rising food costs, inflation increased in December at its sharpest rate in four months, although economists predict that it will soon decline.

“We expect inflation to subside quite drastically in the short run, catching up to the downside with already-subdued core inflation,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.

“At the same time, though, these trends also reflect an enduring sluggishness taking hold in the economy, particularly with regards to private consumption, the most important aspect of growth.”

Also Read: ‘Ram Mandir Pran Pratishtha healed wounds created 500 years ago during Babur’s Era’: Home Minister Amit Shah

Shivanshi Srivastava

Recent Posts

Supreme Court Upholds Uttar Pradesh Madrasa Education Act; Sets Limits On Higher Education Regulation

The SC upheld the UP Board of Madrasa Education Act, 2004, reversing the Allahabad High…

19 mins ago

How US Presidential Election Is Conducted – Explained

The US presidential election is a complex, multi-step process that involves both voters and an…

45 mins ago

Mumbai Police Uncover Connections & Weapons In Baba Siddiqui Murder Investigation

The Mumbai Police disclosed that the firearms used to assassinate late NCP leader Baba Siddiqui…

2 hours ago

Mumbai Police Investigate New Death Threat Against Salman Khan Linked To Gangster Lawrence Bishnoi

Mumbai Police is investigating a threatening message directed at actor Salman Khan, allegedly originating from…

2 hours ago

Uttar Pradesh Government To Tighten Control Over DGP Appointment Before By-Elections

Ahead of the by-elections, CM Yogi Adityanath's government in Uttar Pradesh will take greater control…

2 hours ago

Somy Ali Opens Up About Her Past With Salman Khan, Says “Being Known As His Ex Is A Curse”

Somy Ali, the former Bollywood actress and dedicated social worker, has shared her feelings about…

3 hours ago