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Indian Economy: The Department of Economic Affairs of the Ministry of Finance has released the Monthly Economic Review report for January 2023, in which it has been said that the International Monetary Fund (IMF) and the World Bank have estimated It is predicted that in 2023, India will be the fastest growing economy in the world.
Budget will speed up development
It has been said in this report that the budget presented for 2023-24 will help in speeding up the development and inflation will also be controlled. The report shows a declining trend in headline inflation in the second half of the current financial year 2022-23 due to the steps taken by the government and the RBI. At the same time, due to the global economic crisis and the possibility of recession, the trend of falling commodity prices continues from June 2022, although in January 2023, due to the challenges of energy and food security, it still remains more than the pre-epidemic period. There has been a decrease in the prices of crude oil, but it is still higher than the pre-corona era. Although the price of natural gas went to a record high in August, it has now come to the level of the pre-Russia-Ukraine war.
domestic economic activity increased
The Finance Ministry said in its report that the high frequency indicators of December 2022 and January 2023 are indicating that despite the global economic slowdown, domestic economic activity has been excellent. The PMI manufacturing data for January 2023 has been encouraging. According to the report, due to increasing demand and increase in new works, there has been an expansion in PMI services for the last 18 months. Transport activity has increased through rail, freight and air mode.
boom in demand
The Monthly Economic Review report states that the index related to consumer spending, automobile sales figures, UPI transactions and lending speed shows that demand remains strong which is necessary to accelerate economic activity. It is adequate. According to the report, the 2022 revenue growth figures of the Private Consumer Non-Durables Corporation indicate a pick-up in private demand.
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