Home/ News / India/  Amid recession, Harsh Goenka sees Indian economy well placed against superpowers

Amid the global recession affecting all the nations, RPG Enterprises Chairman Harsh Goenka sees India as well placed in comparison to countries like the United States, Russia and China.

Sharing his thoughts on the current position of Indian economy against the global superpowers, Goenka took to the microblogging website Twitter and wrote, "WORLD vs INDIA - interesting contrast: World economy staring at recession vs Indian economy looking at growth; World rich becoming poorer vs Indian rich becoming richer; and world becoming more aligned to China/America/Russia vs India continues being non aligned."

Earlier on 18 July, the Reserve Bank of India was seen hopeful that Indian economy remains resilient and is on course to becoming fastest growing economy in the world.

ALSO READ: Indian economy to grow 7-8% in coming couple of decades: Panagariya

Echoing similar tone, the Union Finance Ministry on the next day said that the Indian economy is on course to achieve projected 8-8.5 per cent growth based on high-frequency indicators for the first quarter of the FY 2022-23.

Earlier on 31 January, the Economic Survey tabled in the Parliament projected the real GDP during 2022-23 to grow at 8.0-8.5 per cent.

Not only Goenka, but according to Aditya Birla Group Chairman Kumar Mangalam Birla, India is positioned to be the world's fastest-growing major economy and a driver of global growth.

On the issue of global economy, Birla claimed that Indian economy had recovered from the pandemic shock in 2022 and cited government's supportive fiscal and monetary policies, as well as a widespread vaccination programme. However, he was seen concerned with the crisis in Ukraine and its impact on Indian economy.

Meanwhile, Union Commerce Minister Piyush Goyal on 25 July that India is on the right path to become a $30 trillion economy in the next 30 years on the back strong GDP growth.

In the first week of June, the World Bank revised its GDP growth forecast for India and had cut India's FY23 GDP forecast to 7.5 per cent -- from 8 per cent -- amid rising inflation, supply chain pressures and geopolitical tensions due to Ukraine-Russia crisis. In April, it had trimmed the forecast from 8.7 per cent to 8 per cent.

Also, the World Bank in its latest Global Economic Prospects report lowered its global growth forecast for calendar year 2022 to 2.9 per cent from 4.1 per cent.

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Updated: 26 Jul 2022, 09:19 AM IST
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