https://sputniknews.in/20231027/indias-economic-growth-backed-by-macroeconomic-fundamentals-expert--5102408.html
Macroeconomic Fundamentals Back India’s Economic Growth: Expert
Macroeconomic Fundamentals Back India’s Economic Growth: Expert
Sputnik India
Earlier this week, S&P Global Market Intelligence said in its latest Purchasing Managers' Index (PMI) that India is likely to overtake Japan as the world’s... 27.10.2023, Sputnik India
2023-10-27T19:52+0530
2023-10-27T19:52+0530
2023-11-01T12:12+0530
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India became the fifth-largest economy in the world in September last year, pipping the UK. The achievement was hailed by top businessmen as well as experts.Now, India is looking forward to overtaking Germany and Japan to become the third-largest economy. Despite certain challenges, the gross domestic product (GDP) of the country is likely to grow 6.2-6.3 per cent in the financial year ending in March 2024, according to S&P Global Market Intelligence. The reasons for this, cited by the corporation, include a surge in foreign direct investment (FDI), a large and rapidly growing middle class, large industrial sector, and others.Apart from this, the increasing digital transformation in the country has also helped augment the economy, as it is attracting leading global multinationals in technology and e-commerce companies to the Indian market.Adding to other factors behind India’s fast-paced economic growth, economist at the Centre for Economic Policy and Public Finance (CEPPF) Sudhanshu Kumar told Sputnik India that the performance of the Indian economy is backed by strong macroeconomic fundamentals, including fiscal prudence.Apart from this, the economic weight of the G7 nations has declined in recent years, while India has been steadily building up a strong economy of its own.Commenting on the factors that have enabled India to surpass the collective West in terms of economic development, the economist said: “The pattern of contributions of different economies to global economic growth will certainly change with time and as a new economy rises in the ranking, the old world order changes automatically. Interestingly, the Indian growth story has largely been based on its contributions and has come despite global challenges”.“At present, India is the fastest-growing economy among the large economies in the world. The success, despite the multiple challenges to the global supply chain, is backed by strong macroeconomic fundamentals. Also, the predictions by the different international agencies including the World Bank, the IMF, and the international rating agencies estimate the Indian economy to grow at the fastest rate in the coming years”, Kumar stated.
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india became fifth largest economy in the world, india to overtake germany and japan to become the third-largest economy by 2030, s&p global market intelligence, gross domestic product, gdp, foreign direct investment, fdi flow in india, digital transformation in india, centre for economic policy and public finance, indian economy, macroeconomic fundamentals, g7 countries
india became fifth largest economy in the world, india to overtake germany and japan to become the third-largest economy by 2030, s&p global market intelligence, gross domestic product, gdp, foreign direct investment, fdi flow in india, digital transformation in india, centre for economic policy and public finance, indian economy, macroeconomic fundamentals, g7 countries
Macroeconomic Fundamentals Back India’s Economic Growth: Expert
19:52 27.10.2023 (Updated: 12:12 01.11.2023) Earlier this week, S&P Global Market Intelligence said in its latest Purchasing Managers' Index (PMI) that India is likely to overtake Japan as the world’s third-largest economy by 2030.
India became the fifth-largest economy in the world in September last year, pipping the UK. The achievement was hailed by top businessmen as well as experts.
Now, India is looking forward to overtaking
Germany and Japan to become the
third-largest economy.
Despite certain challenges, the gross domestic product (GDP) of the country is likely to grow 6.2-6.3 per cent in the financial year ending in March 2024, according to S&P Global Market Intelligence. The reasons for this, cited by the corporation, include a surge in
foreign direct investment (FDI), a large and rapidly growing middle class, large industrial sector, and others.
Apart from this, the increasing digital transformation in the country has also helped augment the economy, as it is attracting leading global multinationals in technology and e-commerce companies to the Indian market.
Adding to other factors behind
India’s fast-paced economic growth, economist at the Centre for Economic Policy and Public Finance (CEPPF) Sudhanshu Kumar told
Sputnik India that the performance of the Indian economy is backed by strong macroeconomic fundamentals, including fiscal prudence.
“Political stability and policy certainty that are business-friendly have also played an important role. The country is positioned as a new attractive investment destination in the world. In addition, a large young and aspiring population is expected to contribute further to economic growth with global collaborations and investments”, Kumar stated.
Apart from this, the economic weight of the G7 nations has declined in recent years, while India has been steadily building up a strong economy of its own.
According to media reports, the contribution of G7 countries to global GDP dropped to 43.7 per cent in 2022 as compared to 68.1 per cent in 1992.
Commenting on the factors that have enabled India to surpass the collective West in terms of economic development, the economist said: “The pattern of contributions of different economies to global economic growth will certainly change with time and as a new economy rises in the ranking, the old world order changes automatically. Interestingly, the Indian growth story has largely been based on its contributions and has come despite global challenges”.
He further said that increasing economic prowess is a prerequisite for an effective role on global issues or geopolitical matters, and that India is well prepared for these responsibilities on the global stage.
“At present, India is the fastest-growing economy among the large economies in the world. The success, despite the multiple challenges to the global supply chain, is backed by strong macroeconomic fundamentals. Also, the predictions by the different international agencies including the World Bank, the IMF, and the international rating agencies estimate the Indian economy to grow at the fastest rate in the coming years”, Kumar stated.
