16 Nov 2022
If you hear the word ‘economy’ in the current scenario, what are the things that would come to your mind?
You could think of growth slowing in some major economies - because of high inflation, or because of the aftermath of the COVID-19 pandemic. You could also be thinking of a recession. Growth has not been a talking point for most economies.
The country was the fastest-growing major economy in the world in 2021, with a growth rate of 8.7%, as per the International Monetary Fund.
In 2022, it is set to top the charts for growth again.
The IMF also expects India to be the fastest-growing major economy in the world in 2023, with a projected growth rate of 6.1%.*
“This will be the first three years where India will be the fastest growing major economy in the world,” said Nilesh Shah, group president and managing director at Kotak Mahindra Mutual Fund.
Let’s take a look at some other macro-economic indicators.
The capacity utilisation in India is now at a 17-quarter high^, while economic activities are at an all-time high, according to the Jefferies India Recovery Tracker.
Credit growth in the country is also reviving to double-digits, a report by Spark Capital showed.
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