Strategies for India to maintain satisfactory economic expansion amidst a global slowdown
The World Bank has forecast slower world growth, for the current year and the next, at 2.9% and 3%, respectively. Emerging markets and developing economies, which normally gallop ahead of the rest of the world, are expected to grow at just 3.4% this year, with Covid- and zero-Covid-afflicted China growing at a rate slower than the US for the first time in 40 years or so. Does this cripple India's chance of growing at least 7%? It does not, and not because the World Bank pegs India's growth rate at 7.5%, higher than the Reserve Bank of India's own estimate of 7.2%.
