Economic Slowdown- Recession is increasing rapidly in the world. The year 2023 is not being told better for the world economy. Meanwhile, the World Bank has made a new estimate regarding the Indian economy in one of its reports. According to the World Bank report, India’s economic growth rate (GDP) may come down to 6.6 per cent in the next financial year (2023-24). It is estimated to be 6.9 percent in the current financial year.
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The World Bank has said in its latest estimate on the Indian economy that India will remain the fastest growing economy among the largest emerging markets and developing economies (EMDI). The economic growth rate in the financial year 2021-22 was 8.7 percent. The growth rate in the financial year 2024-25 is estimated to be 6.1 percent.
The World Bank warned that the pace of the international economy is slowing down due to the Russia-Ukraine war and many other reasons. If the situation worsens, then they can push the international economy towards recession. During 2023, the pace of the global economy is expected to decrease to 1.7% from the earlier estimated 3%. According to the World Bank, despite the challenges on the economic front, the pace of the Indian economy will be better than the major economies of the world.
Goods trade deficit more than doubled
According to the World Bank, private consumption in India was good in the first six months of 2022-23. Investment in the economy also improved. However, due to the upheaval in international trade, India’s Goods Trade Deficit (Goods Trade Deficit) has more than doubled after 2019.
Union Minister Ashwini Choubey said in a conversation with NDTV, ‘This is the result of the government’s strategy to make India self-reliant and self-reliant. We have advanced industry and trade. That’s why we have come first among the developing countries in the world today”.
Export and investment will be affected
It has been said in the statement that the slowdown in the global economy and increasing uncertainty will have an impact on export and investment growth. The government has increased spending on infrastructure and facilities for business. However, it will help in mobilizing private investment and support the expansion of manufacturing capacity.
increased trade deficit
After the year 2019, India’s trade deficit in goods has more than doubled. It was $24 billion in November. The trade deficit widened due to crude petroleum and petroleum products ($7.6 billion) and other items such as ores and minerals at $4.2 billion.
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