India’s economy growth fastest among major economies in the world

India’s economy grew by 8.7 per cent in FY22, making it the fastest-growing major economy in the world. 

The Economic growth of India for FY23 will be at 6.9 per cent, as published by The Organization for Economic Cooperation and Development (OECD).  Ukraine was the importer of energy, fertilizers and edible oils, and the ongoing war affected India adversely. Gross domestic product (GDP) growth reached 8.7 per cent in FY22, but now it has slowed to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions. The World Bank has cut its FY23 real GDP growth forecast for India to 7.5 per cent from 8 per cent, on the back of inflationary and supply chain pressures and geopolitical tensions due to the war in Ukraine. This is the second time that the World Bank has revised its GDP growth forecast for India in FY23. 

In April, it had trimmed the forecast from 8.7 per cent to 8 per cent. Ratings agency S&P and the International Monetary Fund were among the agencies that had recently cut their FY23 forecast for India. At 7.5 per cent. Reserve Bank of India’s forecast of 7.2 percent. India’s economy grew by 8.7 per cent in FY22, making it the fastest-growing major economy in the world. The output was helped primarily by agriculture sector and government final consumption expenditure.