The Indian economy is on track to grow at the fastest rate in the league of large nations as a result of the government's various initiatives in Budget 2022-23, according to the Finance Ministry's Monthly Economic Review.
"The current year may as well end with an economic reset manifesto for a post-COVID-19 world...Manufacturing and construction will be the 'growth drivers,' sparked by PLI schemes and public capital expenditure on infrastructure," the review report stated. Agriculture, which is increasing net sown area and crop diversification at a constant rate, will strengthen food buffers while benefiting farmers through large volumes of procurement at remunerative minimum support prices and income transfers through the PM KISAN scheme, the statement added.
Noting that the IMF reduced its global growth estimate for 2022 in its January update, it noted that India remains the only large and major country listed by the IMF whose growth projections for 2022-23 have been revised upward. "As a testament to its people's resilience and the foresight of its policymakers, the Indian economy, which contracted by (-)6.6 percent in 2020-21, is now projected to grow at the fastest rate in the league of large nations in 2022-23," it said.