Economic lessons for India from the pandemic – Asia Times

This year will be one of the most important for the South Asian subcontinent. According to World Population Review (WPR) estimates, as India overtook China to become the most populous country in the world in mid-January (India’s 1.417 billion versus China’s 1.412), the international spotlight is now on New Delhi’s ability to harness its human resources for a robust domestic economy as well as becoming the rising tiger on the global platform.

The World Bank has raised its growth forecast for India in fiscal year 2023-24 from 6.5% to 6.9%, attributing the country’s ability to withstand global shocks as the reason for the upgrade. This is despite concerns over a declining global political and financial environment, worries about inflation and a dip in the foreign-exchange market, and a slowdown in demand.

Moreover, the 2023 federal budget’s target to bring down fiscal deficit to below 6% of GDP, for the first time since FY 2020, will strengthen the country’s macroeconomic stability through revenue mobilization and expenditure rationalization measures.

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