Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India to be fastest-growing economy, engine of global growth: Kumar Mangalam Birla.


Date: 26-07-2022
Subject: India to be fastest-growing economy, engine of global growth: Kumar Mangalam Birla
India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd.

"A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.

On the global economy, he said it had recovered from the pandemic shock in 2022 on the back of supportive fiscal and monetary policies and mass vaccination programme.

However, at the end of FY22, the war in Ukraine and the subsequent economic sanctions on Russia posed a huge shock.

"It disrupted energy markets and supply chains and added to the already evolving inflationary pressures and concerns over consumer demand," said Birla.

The Indian economy has not remained unscathed by these global developments, he added.

Partly on account of the elevated commodity prices in global markets, India's inflation pushed higher than the target of the Reserve Bank of India (RBI). To control inflationary risks, and reduce the pressure on the rupee, RBI has been selling reserves and unwinding the extraordinary liquidity support provided by it during the pandemic.

"On the positive side, economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme," he said.

Even as the global headwinds are being felt, India's growth recovery is progressing well, and most estimates peg economic growth at around 7 per cent in FY23, Birla said.

"India, therefore, is poised to be the fastest-growing major economy in the world and an engine of global growth," he added.

"Many industries have witnessed fresh project investment announcements. Foreign direct investment flows have remained strong. The burden of non-performing assets in the banking sector seems to have peaked out and is easing," Birla added.

Besides, dynamism in India's digital ecosystem, diversification of global supply chains away from China and the greater emphasis of investors on sustainable finance offer new opportunities for India.

These "trends lend confidence to a robust economic narrative" for India in the medium term, which augurs well for the corporate sector as well, Birla added.

On the world economy, Birla said growth forecasts have been slashed.

"The International Monetary Fund (IMF) now expects the world economy to grow by 3.6 per cent in CY22, which is 0.8 percentage points lower than its pre-war projections," he added.

Many economies have experienced a sharp surge in inflation recently, particularly in food and fuel prices, taking their inflation rates to multi-decade highs. Central banks have been forced to respond to surging prices with aggressive rate hikes.

Source Name:-Economic Times
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 01-02-2023
Notification No. 11/2023-Customs
Seeks to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009, 33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th June, 2017 to extend the validity of said notifications up to the 31st March, 2028.

Date: 01-02-2023
NOTIFICATION No. 07/2023-Customs
Seeks to further amend notification No. 230/86-Customs related to Project Import Regulations.

Date: 01-02-2023
Notification No. 06/2023-Customs
Seeks to further amend notification Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-Customs related to certain electronic items.

Date: 01-02-2023
Notification No. 10/2023-Customs
Seeks to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to extend the exemption benefit to Warm blood horse for equestrian sports and extend the validity of said notification up to the 31st March, 2028.

Date: 01-02-2023
Notification No. 09/2023-Customs
Seeks to further amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes.

Date: 01-02-2023
Notification No. 08/2023-Customs
Seeks to further amend notification No. 22/2022-Customs regarding India-UAE Comprehensive Economic Partnership Agreement.

Date: 01-02-2023
Notification No. 05/2023-Customs
Seeks to rescind notification Nos. 13/2021-Customs and 34/2022-Customs, related to Social Welfare Surcharge (SWS).

Date: 01-02-2023
Notification No. 04/2023-Customs
Seeks to further amend notification No. 11/2018-Customs, dated 2nd February, 2018, to revise/provide Social Welfare Surcharge (SWS) exemption(s) on specified goods.

Date: 01-02-2023
Notification No. 03/2023-Customs
Seeks to further amend notification No. 11/2021-Customs dated 1st February, 2021, so as to levy/exempt Agriculture and Infrastructure Development Cess (AIDC) on certain items.

Date: 19-01-2023
Notification No. 05/2023 - Customs (N.T.)
Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023.



Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001