Indian Economy: India’s economy will break records this year, will cross 4,000 billion dollars
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Indian Economy: On one hand, while the economy of the entire world is facing problems, on the other hand, the Indian economy is booming. A recent report presented by the World Bank claimed that due to the steps taken by the Indian government to strengthen the economy, its growth will remain more than 6 percent for the next two years and will be the fastest in the world. There will be a growing economy. The World Bank has said in its report that the pace of growth of the global economy will slow down for the third consecutive year in 2024. The reason for this is high interest rates, high inflation, slowdown in trade along with slowdown in China. Meanwhile, industry body PHD Chamber of Commerce and Industry has estimated in a report that the country’s economy is expected to cross $ 4,000 billion in 2024-25. It is expected to increase to $5,000 billion by 2026-27. The industry body also said that the Reserve Bank of India can consider reducing the repo rate by up to one percent by the end of 2024.
Evidence of strong economic growth seen
The report of industry body PHD Chamber of Commerce and Industry states that the Indian economy is showing evidence of strong growth. There is a need to remain vigilant in reducing the risks facing the global economy in the coming days through appropriate policy measures. It says that despite global challenges, the country’s economy remains strong. The country is moving towards achieving the status of developed economy by 2047. According to the report, the country is making significant progress towards future growth. The Indian economy is expected to cross $4 trillion in the financial year 2024-25. It is expected to increase to $5,000 billion by the financial year 2026-27. Deputy General Secretary of PHD Chamber, SP Sharma, said that there is a need to pay more attention to the unorganized sector to further accelerate economic growth.
There is a need to strengthen the banking system
The report said that there is a need to strengthen the banking system to help small businessmen. So that they are able to expand their capabilities as per the demand. This analysis of the industry body is based on key macroeconomic indicators like GDP (gross domestic product) growth, export growth, gross national savings, total investment and debt to GDP ratio. The report also says that the central bank can reduce the repo rate by one percent to 5.5 percent by the end of 2024. On the other hand, the World Bank report says that the growth rate of the global economy will be only 2.4 percent this year. This is less than the rapid growth of 2.6 percent in 2023, 3.0 percent in 2022 and 6.2 percent in 2021. The strong growth in 2021 was due to the rapid economic revival after the 2020 pandemic.
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