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India’s Growth Story | Union Budget could be a booster shot for economy

From IMF to Moody’s, the phraseology is bullish about India. The condition is perfect for the Budget to help regain the status of the fastest growing economy on a sustained basis 

October 18, 2021 / 11:19 AM IST
Representative image

Representative image

For the better part of this millennium’s second decade (2010-2020), India remained the world’s first growing major economy. That standing of being the primary global growth engine, however, fell apart after the deceleration that started around 2018, before crashing to a four-decade low last year, pummelled by the devastating consequences that COVID-19 inflicted across the world.

That said, while the mountain of debris of this ruin is still visible, the repair work has gathered pace. This is showing up in the phraseology of commentaries too.

According to the International Monetary Fund (IMF), India’s gross domestic product (GDP) will likely grow 9.5 percent in 2021, making it regain its lost status as the world’s fastest-growing economy.

It will grow faster than China’s projected 8.5 percent, and outpace all other major economies.