Given The Global Situation, 7.2% GDP Growth Is A Historic Figure: Piyush Goyal

Trade and Industry Minister Piyush Goyal said Thursday that 7.2 per cent GDP growth in 2022-23 is historic given the current global economic situation and that India will emerge as a developed economy in the next 25 years.

Commenting on the Morgan Stanley report, he said it reflected India’s rising global image and rapid economic growth.

 

India continues its trend of the world’s highest economic growth after 6.1% of GDP beat expectations in the March quarter, boosting annual growth to 7.2%.

In his report, Morgan Stanley said India had changed under Prime Minister Narendra Modi and gained a place in the world order, becoming a major engine of growth in Asia and the world.

It has been a difficult year as the world recovers from the effects of the coronavirus pandemic and the war between Russia and Ukraine, he said, adding that developed economies have been hit hard against this backdrop. rice field. “The 7.2% GDP growth rate is historic given the world situation,” he told reporters there, adding that fast-growing China has helped a rising China.

He said the surge in the influx of foreigners reflected the growing confidence of foreign companies in India.

“Democracy, demographics and demand will accelerate India’s development. Within the next 25 years, we will become a developed country,” Goyal said.

He added that measures such as world-class infrastructure development, including roads, ports, airports and digital connectivity, as well as record GST revenue, are clear signs of the country’s economic growth.

Morgan Stanley said in a report that significant skepticism about India, especially among foreign investors, ignores the significant changes that have taken place in India, especially since 2014.

The Morgan Stanley report finds that India (despite being the second fastest growing stock market and one of the best performing stock markets in the last 25 years) has not lived up to its potential dismissed the criticism that stock valuations that ignored systemic reforms were too high. Over the past nine years. “This India is not what it was in 2013. In a short period of 10 years, India has taken its place in the global order, with significant positive impact on the macro and market outlook,” he said. “India has changed” in less than a decade, he added.

The company listed 10 major changes that have taken place since Prime Minister Narendra Modi took office in 2014. Coordination with corporate tax parity and acceleration of infrastructure investment are among the biggest supply-side reforms.