Better agricultural production will accelerate growth, Indian economy will grow at the rate of 7-7.8 percent

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New Delhi. The Indian economy is improving again amidst the current global constraints. Due to better agricultural production and strengthening of rural economy, India’s economic growth rate can be 7-7.8 percent in the current financial year. Economists have predicted this. He believes that most of the challenges that the Indian economy is facing at present have originated from external sources.

According to the news agency language, NR Bhanumurthy, a well-known economist and Vice Chancellor of BR Ambedkar School of Economics, said that at this time the Indian economy is facing many challenges due to global reasons. He said the economy is at risk due to global inflationary pressures and the Russo-Ukraine war. But if we look at the domestic situation, then India’s economic foundation is strong. Bhanumurthy said India should achieve 7 per cent growth in the current fiscal, despite global constraints, with better agricultural production and a boost to the rural economy.

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figures are showing signs of strength
Nagesh Kumar, Director, Institute of Industrial Development Studies (ISID) said that strong data on GST collection, exports and PMI are indicating a strong growth rate during 2022-23. Nagesh Kumar says that the real GDP growth can be between 7-7.8 percent. French economist Guy Sorman said the high cost of energy and fertilizer imports could badly affect India. He said that India is still an agricultural economy. Because of this, the social impact of slow growth will be lessened by the return of city workers to their villages. This can increase agricultural production and food grains exports.

inflation may come down
NR Bhanumurthy says that the rise in fuel prices is the main reason for the high level of consumer price index based inflation in March 2022 and its continuation in the last three months. He said that there has been a sudden jump in retail inflation due to the rise in global fuel prices and the rise in prices of other commodities. But due to cut in fuel rates and hike in repo rate, inflation may moderate in the coming quarters.

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no risk of stagflation
Nages Kumar says that the rise in commodity prices creates a risk of India’s economy going down. This is because the inflation rate is high. Despite this, I do not think that India is heading towards high inflation with low growth rate. The reason for this is the strengthening of the growth rate.

Tags: economy, Indian economy, rural economy

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