India’s GDP is the highest in the world
Abstract
Renowned economist Ashima Goyal said the economy is slowly returning to normal, but stimulus and support for weak sectors will continue. The country has come out of a difficult stage on the basis of macroeconomic criteria
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India’s GDP in the current fiscal year is estimated to be the highest in the world. According to Ashima Goyal, a member of the Reserve Bank’s Monetary Policy Committee (MPC), the country’s economy has come out of a difficult period. He expressed the hope that the inflation rate would remain satisfactory.
Renowned economist Ashima Goyal said the economy is slowly returning to normal, but stimulus and support for weak sectors will continue. The country has come out of a difficult phase on the basis of macroeconomic criteria.
health of the financial sector
Goyal said a good job of monetary and financial coordination has been done. The economic stimulus is great, but it cannot be described as excessive. We are heading towards normalcy. The country’s financial sector is in good health. The Reserve Bank estimated the GDP rate for the current fiscal year at 9.5 percent. On the other hand, the International Monetary Fund expected the GDP rate to be 9.5 percent this year and 8.5 percent next year.
The country is ready to face another wave of the pandemic
Ashima Goyal said the country is ready for another wave of the pandemic. There was less disruption to the economy during the second wave than during the first, as the lockdown was imposed at the local level. Besides, the ban on supply was also limited.
He said this on inflation
In response to a question about the high rates of inflation, economist Joyal said that inflation based on the garlic price index includes the prices of imports, especially basic commodities, but it will not continue after the end of the winter season. Inflation has decreased somewhat due to lower high fuel prices.
