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Economic Outlook 2023- 2024 UPSC NOTE

 Economic outlook for India in the rest of 2023-24

  • The economic outlook of India for 2022-2023 is positive overall.

  • The IMF projecting GDP growth of 7.8% in 2022 and 7.4% in 2023. 

This growth is being driven by a number of factors

  • Strong domestic demand: Consumer spending and investment are both expected to remain strong in 2022-2023, supported by rising incomes and favorable demographics.

  • Government support: The government has implemented measures to support economic growth, tax cuts, infrastructure spending, and reforms to the labor market and FDI laws.

  • Export growth: Indian exports are expected to benefit from the global economic recovery and the relaxation of trade restrictions in some markets.

Following are some challenges in India's economic growth in 2022-2023,

  • Inflation: Inflation has been rising in recent months, and could continue to pose a challenge to economic growth.

  • Rising interest rates: The RBI has raised interest rates in an effort to control inflation. This could dampen economic activity in the short term.

  • Global economic risks: The global economy is facing a number of risks,  the ongoing war in Ukraine, rising energy prices, and supply chain disruptions. These risks could have a negative impact on India's economic growth.

  • Overall, the economic outlook for India in 2022-2023 is positive,

  • The Indian government is taking a number of steps to address these challenges, and the IMF is optimistic that India will continue to grow strongly in the coming years.

Reserve Bank of India’s projection for GDP

  • The RBI projection for GDP growth in 2022-23 at 7.8%. 

  • This is in line with the IMF's projection of 7.8% GDP growth for India in 2022.

  • The RBI's projection is based on the assumption that the ongoing recovery in the Indian economy will continue in 2022-23.

  • Its supported by strong domestic demand, government support, and export growth

  • In addition to this,  RBI has also warned of some downside risks to its projection, including rising inflation, rising interest rates, and global economic risks.

Reserve Bank of India’s projection for GDP

  • The Indian government and the RBI are taking a number of steps to address these challenges, and the IMF is optimistic that India will continue to grow strongly in the coming years.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Economic Outlook 2023- 2024 UPSC NOTE
Economic Outlook 2023- 2024 UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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