India will remain the fastest-growing economy in the world
Petrol-diesel, and cooking gas prices skyrocket. Retail inflation rose to an eight-month high of 6.08% in February, surpassing the Reserve Bank’s tolerance rate. Wholesale market inflation is also alarming (13.11%). In such a scenario, Rajiv Kumar, vice-chairman of the government advisory body Niti Aayog, dismissed concerns over the health of India’s economy. Rejecting all criticism, he claimed that India’s economy was on the verge of a major turnaround. He also called the threat of stagflation in India “exaggerated”.
Stagflation is a situation where the country’s economic growth slows down. But the rate of inflation goes up. In this situation, the development of the economy comes to a halt. The activities of the industry faded away. Unemployment increases. Advisors like Morgan Stanley have already warned India of the risk of stagflation in the face of rising fuel prices and rising commodity prices. Fitch, Crisil, and many others have also reduced the growth rate.
Rajiv said India’s economic growth rate for the current financial year is predicted to be 7.6%. It doesn’t even come close to the definition of stagflation. “I think it’s exaggerated,” he said
It is being said. “
In an interview on Sunday, the commission official claimed that it was clear from all the statistics that India would remain the fastest-growing economy in the world. Because, in the last seven years, the government has taken the chariot of reform forward and the land of the country’s economy is now ripe. Which has brought him to the brink of recovery. However, he acknowledged that the war in Russia and Ukraine had left the economy in a state of uncertainty. GDP growth rates may need to be adjusted.