Tuesday, 6 June 2023

India will Contribute 16% of the World’s GDP

Chennai, May 16 (IANS) With the Indian economy playing a significant role in the superior performance of Asian economies, Morgan Stanley stated in a study that the broad-based recovery in demand contrasts with the weakness observed outside of Asia.

According to Morgan Stanley, India would contribute 16% of the world’s gross domestic product (GDP) between 2023 and 2024 thanks to a combination of structural and cyclical tailwinds.

Global GDP

The research stated that a range of indicators in recent months “indicate that India’s recovery is strong and broad-based, and is well-placed to sustain growth rates of above 6%.”

According to Morgan Stanley, the purchasing managers’ index (PMI) is at a 13-year high, and the manufacturing PMI is almost at an 11-year high. Passenger vehicle sales are at 131% of pre-Covid levels, real goods and services tax collections are 35% higher than pre-Covid, and services exports have increased by 84% since October 20.

  • India would contribute 16% of the world’s GDP between 2023 and 2024.
  • A range of indicators in recent months “indicate that India’s recovery is strong and broad-based.
  • Inflation and current account deficit remain in policymakers‘ comfort zone.

The decline in goods export will be partially compensated by robust domestic demand and services export. Strong balance sheets encourage domestic demand.

The major macro stability indicators of inflation and the current account deficit have retreated within the comfort zones of policymakers, and we anticipate that this will continue for some time.

This means that decision-makers won’t need to restrict the scope of monetary policy, giving the economic boom more breathing room, according to Morgan Stanley.

The best among large economies, India’s strong growth prospects “stands out, and we forecast that it will contribute 16% to global GDP growth over 2023–2024.”

Related posts

For Residual Stake Sale in BALCO Govt Combines with Vedanta

Sources mindful of the improvement said that the Mines Service is said to have mentioned the Branch…
Read more

CM of Karnataka Declares that He Won't Tolerate Hate Politics

Asserting that hate politics will not be accepted and that the climate of fear would be eliminated…
Read more

Who will Win in the IPL Final in 2023?

Incessant rain on May 28 forced the postponement of the Indian Premier League (IPL) 2023 Final…
Read more
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *


Barcelona wins La Liga for the 27th time, their first since Messi left

Worth reading...