In a surprising move, American daily New York Times which is popular for being prejudiced against India has now praised the growth of the Indian economy.
A report published on September 7, 2022, under the title ‘From The US To China, Major Economies Are Stalling: But Not India’ tells how the Indian economy is on the right path towards achieving the targeted growth rate despite the chaos in other big economies of the world.
India recently surpassed Britain as the fifth largest economy in the world, its former coloniser which ruled India for more than 200 years. This has been a very big achievement in both the aspects, emotional & financial.
This report describes how India has turned the tables on economy front, as its GDP is set to grow at a rate of 7% this year, which is double than the pre-projected growth numbers. This is an exceptional achievement as the world is seeing very negative effects on economies due to the ongoing Ukraine-Russia conflict.
What NYT just said?
This article further tells that India, by boosting its local demand & not being reliant on exports has been able to sustain its economic growth and managed to not come under the banner of failing economies.
The report also praised the policies adopted by govt. to tackle the effect of the Corona pandemic. Be it the credit guarantee to the small & medium enterprises, expanding the capital expenditure & giving relief in the loans. All these have been the steps which helped India successfully overcome the effect of a pandemic.
India, which has been subject to pressure from western countries about not buying Russian oil, has not listened to these countries to safeguard its interest in getting cheap oil. Cheap oil has also helped to keep its economy stable as India is the third largest consumer of oil in the world and is reliant on foreign nations to fulfil its energy needs.
This article also includes the reports from independent rating agencies which have also projected the growth of the Indian economy at somewhere near levels of the Indian government’s projections. This also backs the fact that the government was not giving fake claims about the economy of India.
India is also a country whose economy is growing at nearly triple the global economic growth rate. The global economy is set to rise this year at a rate of 2.6% per annum, whereas India is all set to achieve a rate of 7%.
Rising Indian Economy
A recently released report about the first quarter of this financial year 2022-23 reveals that India achieved a GDP growth rate of 13.5% in the first quarter. India has also managed to keep inflation under control despite the crisis in the global supply chain.
Indian public sector banks had a profit of more than 66,000 crores in the financial year 2021-22, nearly double what Indian banks profited in the year 2020-21. GDP collection has also been a whopping 1.4 lac crore from the past five months consecutively, resulting in increased tax collections.
Purchasing is also on the higher side in India in the past months, i.e. India reported sales of nearly 8 lac vehicles during the first quarter of this year. It has helped to keep money in flow, a good sign for the economy.
On the employment front, a recently released report by Employee Provident Fund Organisation (EPFO) has revealed the fact that more than 5.5 crore people have received employment in the organised sector during the timespan of 2017-22.