India is expected to grow at around 7% in the next two years, according to a new survey. The FICCI, the Indian Chamber of Commerce and Industry, surveyed economists from banking, industry and other sectors. It forecasted 8.6% growth in the services sector and 12.9% growth in the industry sector.
The World Economic Outlook for 2021-2022 reflects several positive trends. The outlook for emerging markets and sub-Saharan Africa is still positive.
The outlooks for countries in the Middle East and Central Asia are also positive. However, some commodity-exporting economies have suffered due to high fossil fuel prices. In these countries, the growth outlook for 2021-2022 will likely be lower than the previous years.
Moody’s Investors Service has lowered its India economics growth forecast to 7.7 per cent for the fiscal years 2021 and 2022.
The company cites a dampening economic momentum in the coming quarters and a slowing global economy as factors for the downward revision. However, the agency did raise its inflation forecast for both fiscal years 2022 and 2023.
In a recent report, Goldman Sachs India economists forecasted that the country’s economy would expand by 9.1% over the next six years.
This would be a substantial increase from 8.1% growth recorded in the fiscal year 2021-2022. Goldman Sachs also said that the IT sector would be the biggest driver of the growth.
The IBRD forecast for the Indian economy for the fiscal years 2021-2022 suggests that growth would be between 7.5 percent and 12.5%, which is higher than the previous forecast of 5.4% in October.
However, the projection for 2021-22 is not that optimistic. Its growth may slow to 7.1% in FY22, which is below the earlier estimate of 8.7%.
The India Economic Conclave (IEC) is a landmark event organized by India’s most influential media network that brings together economic thinkers, policymakers, and business leaders to share actionable insights on the economic future of India.
With each year’s growing turnout, the IEC is an important gathering for the country’s economy and a global leader in the field.
IHS Markit economics growth 2021-2020 India forecast shows a modest recovery in the global economy.
While the CAGR for volumes of goods and services is only 2.3% in 2021, it is still better than the 4.3% growth recorded in the last year. The report predicts that growth will resume in 2022 and beyond, but at a slower pace than the previous two years.
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