India to soon become a $3.1 Trillion economy
By MYBRANDBOOK
India’s economy is expected to grow by 9.2% in the current fiscal year helped by a sturdy farm sector and strengthening recovery in manufacturing, construction and services sector. However, the third COVID wave may hinder the expansion ahead.
The nominal GDP, including inflation, is estimated at 17.6%. The size of the economy based on current prices in dollar terms is estimated to be $3.1 trillion. This growth rate would help it maintain the fastest growing major economy tag in the world.
According to the World Bank, India's GDP in current dollar terms had risen to $2.9 trillion in 2019 before falling to $2.7 trillion in 2020 due to Covid's impact.
But the third wave of the pandemic led by the Omicron variant has cast a shadow on growth and strength of the recovery. The National Statistics Office's (NSO) GDP estimates are marginally lower than the Reserve Bank of India (RBI) which had projected the economy to grow by 9.5%.
Madan Sabnavis, Chief Economist at Bank of Baroda, said, “Based on this number, the RBI will probably retain its earlier stance and not revise any of the rates. In fact, the accommodative stance will continue and the hike in reverse repo rate will be put off. The possibility of lockdowns will ensure that an easy liquidity policy is pursued unless the inflation number to be released turns out to be very high, which does not look likely,”
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