India gets hit by a global slowdown, and the linkages are only getting stronger. However, this time some macro factors favour India.
The Indian economy has been recording relatively healthy growth amid global turmoil. However, with global recessionary fears escalating, there are concerns over India’s economic recovery. The International Monetary Fund and World Bank have lowered India’s estimated gross domestic product (GDP) growth to less than 7% for the fiscal year 2022-23, with forecasts of a further fall in growth for 2023-24. While there is no denying that a global slowdown will have an adverse impact on the Indian economy, the crucial aspect is the severity of this impact.