cea: Financial momentum is undamaged; numbers higher than estimated, says CEA on GDP information

Whereas the Omicron variant of the coronavirus has damage progress, India has managed to maintain momentum intact, mentioned the Chief Financial Advisor (CEA) of the nation.

India’s GDP grew by 4.1% within the fourth quarter of FY22. In the meantime, the general progress recorded for the monetary 12 months 2021-22 is estimated at 8.7% as towards the contraction of 6.6% in FY21. The nominal GDP grew by 19.5% within the monetary 12 months 2021-22.

The CEA, Dr Venkatraman Anantha Nageswaran, added that progress inflation challenges are common. That mentioned, India is in a a lot better place when it comes to inflation as in comparison with different international locations, he mentioned.

“Within the context of a growing international locations, recession isn’t on the playing cards, it’s nearly at all times a query of progress slowing down,” opined Nageswaran.

He added that stagflationary threat in India is kind of low as in comparison with different international locations the world over.

In his feedback publish the discharge of GDP information, he identified that India is healthier positioned than many different nations because the monetary sector of the nation is in higher form to assist progress.

He additionally added that the probabilities of a recession within the nation are very low, saying, “If requested to take a guess at this level of time, I might wholeheartedly guess towards a recession.”

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