ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Indian economy to grow 7.1-7.6%, reign as world's fastest-growing economy: Report

In its India's economic outlook - July 2022 report, leading consultancy Deloitte India said that as 2021 was coming to a close, there was optimism in the air but the optimism received a jolt early this year as a wave of Omicron infections swept through the country and Russia's invasion of Ukraine happened in February.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Indian economy to grow 7.1-7.6%, reign as world's fastest-growing economy: Report
Indian economy is projected to grow 7.1- 7.6 percent in the current financial year despite shifting geopolitical realities across the world, a report said on Wednesday. Pic: Reuters

Indian economy is projected to grow 7.1- 7.6 percent in the current financial year despite shifting geopolitical realities across the world, a report said on Wednesday.

In its India's economic outlook - July 2022 report, leading consultancy Deloitte India said that as 2021 was coming to a close, there was optimism in the air but the optimism received a jolt early this year as a wave of Omicron infections swept through the country and Russia's invasion of Ukraine happened in February.

"These events aggravated the pre-existing challenges such as surging inflation, supply shortages, and shifting geopolitical realities across the world with no definite end in sight.

"And the subsequent confluence of headwinds such as surging commodity prices and disruption in trade and financial transactions quickly deteriorated economic fundamentals that were trending up a few months back," the report said.

Rising commodity prices, surging inflation, supply shortages, and shifting geopolitical realities across the world weigh on the growth outlook. Still, India will likely reign as the world's fastest-growing economy, it noted.

"India is expected to grow by 7.1-7.6 percent in 2022-23 and 6-6.7 percent in 2023-24. This will ensure that India reigns as the world's fastest-growing economy over the next few years, driving world growth," the report said.

The Reserve Bank of India (RBI) has projected a GDP growth of 7.2 percent for the current fiscal ending March 2023.

Deloitte India said that it expects inflation and supply chain disruptions to remain entrenched for some time.

The domestic currency will likely recover some lost ground against the US dollar, but not before early next year. India's relatively strong recovery and the global slowdown will improve INR's strength, it added.

The rupee depreciated by 3 paise to close at a record low of 79.62 (provisional) against the US currency on Wednesday.

"The desire of global businesses to look for more resilient and cost-effective investment and export destinations during difficult times, among other factors, could work in India's favour," Rumki Majumdar, Economist at Deloitte India, said.

The report also said that uncertainties in the global business ecosystem will pose significant risks.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Indian economyEconomyReserve Bank of IndiaGross Domestic Product (GDP)US Dollargeopolitical tensionrussia ukraine conflict
Written By: PTI
Updated: Wed, Jul 13, 2022
09:22 pm
PTI
RELATED NEWS
Economy likely to log in a tepid 6% growth next fiscal: Crisil Economy likely to log in a tepid 6% growth next fiscal: Crisil
GDP growth may print at about 4% in Q4: Report GDP growth may print at about 4% in Q4: Report
India can become 3rd largest world economy by skilling youth, says PM India can become 3rd largest world economy by skilling youth, says PM
India's economic growth appears to be very fragile, says RBI monetary policy committee member Varma India's economic growth appears to be very fragile, says RBI monetary policy committee member Varma
Indian economy to grow at 7% despite global headwinds Indian economy to grow at 7% despite global headwinds

LATEST NEWS

PM Modi in Karnataka: India will achieve ‘developed’ nation tag by 2047 with efforts of every single individual

Adani-Hindenburg Saga: Adani Total Gas, Adani Transmission to move to long term ASM Stage-1 framework from Monday

Avalon Technologies IPO to be launched on April 3: 10 things to know before subscription opens

Piyush Goyal says India aspires to take technical textiles market to $40 billion in 4-5 years

NSE to roll back 6% hike in transaction charges in cash and F&O from April 1

Happy Chaiti Chhath Puja 2023 Wishes: The four-day festival starts today

NPS vs OPS: Govt to set up panel to improve new pension scheme to take care of employees’ concerns

Paytm says upgraded payments platform with 100% indigenous technology

Twitter Blue subscription users may hide their paid check marks soon

Maruti Suzuki targets sales via Nexa outlets to overtake volumes of Hyundai, Tata Motors by next year

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV