Indian Economy News Update: Chief Economic Advisor V Ananth Nageswaran has said that the Indian economy will continue to grow rapidly for a long period of time. He said that in the last few decades, whenever the Indian economy seems to be developing at a fast pace, suddenly one or the other problem comes in its way. But this time due to sound economic policies, strong infrastructure and digitization of the economy, India will develop rapidly for a long period of time without any hindrance.
GDP will be more than 7.2% in 2022-23
The Chief Economic Advisor said that according to the GDP figures that have been announced, India’s GDP in 2022-23 has been 7.2 per cent, although it was 9.1 per cent in the previous year due to the Corona epidemic and low base. Many people believed that the economic growth rate in the financial year 2022-23 could be around 6.7 or 6.8 percent, but in reality it has been 7.2 percent. He said that the GDP figures are reviewed six times. The final figure will come after three years. And when the figures will be announced, it will be more than 7.2 percent.
Private consumption at 16 year high
The Chief Economic Advisor said that the Indian economy has grown faster than other economies in the fourth quarter. He said that due to expensive crude oil and expensive debt, there was a slowdown in the second and third quarter. But all the sectors including services-agriculture have made better development. The Chief Economic Advisor said that whatever damage was caused to the economy due to the Corona epidemic has been compensated. He said that in the last 16 years, private consumption has been the highest in comparison to GDP. He said that all the indicators of the economy are pointing towards betterment. GST collection, the boom in loans given by banks indicates that the economy is on track and in 2023-24 also the economy will grow at a fast pace.
There will be a boom in the rural economy
He said that due to record production of food grains and better government procurement, there is sufficient stock of food grains in the country. And is capable of handling any surge in prices. He said that the sales of domestic tractors have reached above the pre-corona period. The Chief Economic Advisor said that a boom is being seen in cement and steel production. Due to this, there will be a spurt in residential and non-residential construction activity, then people from rural areas will again move towards cities in search of employment. If their income increases, they will send money to their homes, this will increase the demand in rural areas, then it will benefit the rural economy.
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