Editorial | New Year, New Hopes for Economy 

Yet another year ends and a new one 2023 begins , India has become a key player in The Indian economy is expected to grow at a rate ranging from 4.8 per cent to 5.9 per cent in the coming year. No mean feat considering the current headwinds afflicting the global economy. Compare it to the estimated global growth rate of 1.8 per cent to see the point.

Businessworld in an article on indian economy writes , The World Bank has revised its growth forecast for the Indian economy from 6.5 percent to 6.9 percent even as most agencies have downgraded similar predictions for most of the major economies.

This is just the first indication of the changing global outlook for India. Most analysts were so far pegging India’s growth rate below 6 per cent in 2023. Even the World Bank has thrice decreased its estimation of the growth rate for the Indian economy in its World Economic Outlook Report.

The Indian economy has held its ground against many recent shocks. Recently released data for the second quarter of the current fiscal year has exceeded expectations.

Many other indicators are looking positive. Domestic demand has improved almost to pre-pandemic levels. The manufacturing and service sectors remain stable.