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In Charts | At 7% projected growth rate, India may outsmart US, Euro area, China on key macros

In a world that faces multiple crises, India looks good on growth and its currency is not doing as badly the others.

November 21, 2022 / 09:47 AM IST

India is slated to be the fastest-growing major economy this year even amid global headwinds, including financial market volatility and sharp monetary tightening.

The country’s chief economic advisor assessed the medium-term growth rate at a robust 6.5 percent to 7 percent, banking on formalisation, balance sheet clean-up and digitalisation. Domestic inflation has come off peaks and an easing of monetary policy tightening may be in store.

India’s long-awaited domestic investment cycle is expected to accelerate once the external shocks of geopolitical conflicts and monetary tightening fade, according to the finance ministry.

The US Federal Reserve’s monetary tightening has strengthened the dollar and led to a weakening of all currencies. Volatility in the movement of the Indian rupee against the dollar has been minimised by calibrated interventions of the Reserve Bank of India in the forex market with the backing of large foreign exchange reserves. India’s forex reserves have grown by virtue of a global perception that continues to see India as very much an investible country.