Sansad TV Special Report: Indian Economic Boom | 13 November, 2022

The global economy in recent times was ravaged by the coronavirus-induced crisis, which did not spare India as well and Asia's third largest economy suffered one of its worst contractions in fiscal 2021. Soon after, Russia's invasion of Ukraine destabilised the global food and oil supply chain, triggering multi-year high inflation readings. India's retail inflation print surged to about eight-year high in April. While the Covid-19 pandemic and Ukraine war have hit advanced economies as well as low- and middle-income countries, India's robust economic fundamentals have ensured that it remains a bright spot in times of global uncertainties. Despite continuing geopolitical concerns, rising interest rates in the US and India and high prices of crude oil and few other commodities, economic activity in India is holding up better than anticipated. Electricity consumption, manufacturing PMI, exports, power supply and other high-frequency indicators indicate that the pace of economic activity has fully recovered from the COVID-19 pandemic shock. India has emerged as the fastest-growing major economy in the world, and is expected to be one of the top three economic powers globally over the next 10-15 years, backed by its robust democracy and strong partnerships.

Anchor & Producer- Kriti

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