India will still grow at 6-7 percent in the next financial year 2023-24 even as the economy may be affected by uncertain global situations, former Niti Aayog Vice-Chairman Rajiv Kumar has said amid growing concerns of the world slipping into a recession.
A synchronised decline in the United states, Europe, Japan, and China, according to Kumar, may cause the world economy to enter a recession in the upcoming months. In an interview with PTI, he said, "Thankfully, there is no such prospect of a recession in India because, despite how the global economy may impair our growth, we would still manage to grow at 6-7 percent in 2023–24.
In its October 6 forecast, the World Bank predicted that India's GDP would grow by 6.5 percent between 2022 and 2023, down from its June 2022 estimates by one percentage point. The IMF predicted that India's economy will grow by 6.8 percent in 2022, down from 8.7 percent in 2021. According to Kristalina Georgieva, head of the IMF, the global economy is transitioning from a relatively predictable to a more uncertain environment.
In response to a query regarding the current high level of inflation, Kumar said that retail inflation will likely remain between 6 percent and 7 percent for some time. After that, he predicted, "I think it should start to peak and then start to drop down." He said, a lot depends on the price of oil globally because the ongoing war in Ukraine may force it to rise more.
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