Recession in India: Due to the Russia-Ukraine war, problems in the supply chain and rising inflation around the world, economists have been losing the possibility of a global recession. In such a situation, the biggest question is how much impact it will have in India. Responding to this matter, State Bank of India Chairman Dinesh Khara said that the impact of the Global Recession Effect on India is less on India than other countries. Chances are. Along with this, he said that the estimated rate of GDP of this India is 6.8% which is much better than the rest of the world.
India’s position better than the world
Talking to news agency PTI, Dinesh Khara said that India’s situation is much better than the world. Along with this, inflation in the country is very low compared to other countries. He further said that a large part of India’s GDP depends on domestic demand. In such a situation, there will be an effect of global recession in India, but India’s position will be much better than the world. Along with this, while talking on the beta factor, he said that it will be very less for India because the world’s big economy depends more on exports.
Reasons for rising inflation around the world
Talking about the reason behind the increase in inflation in the country and the world, SBI Chairman said that inflation has increased very little in India as compared to the world. Along with this, he told that the biggest reason behind increasing global inflation is supply chain breakdown. There has been no reduction in demand worldwide, however, due to many reasons like Russia-Ukraine war, China’s Kovid lockdown, etc. have adversely affected the supply chains around the world. Due to this, inflation is being seen all over the world in the last few days.
Global recession will have less impact on India
Earlier, on October 9, Sanjeev Sanyal, member of the Prime Minister’s Economic Advisory Council (EAC-PM), also said that in the financial year 2022-23, India will emerge as the world’s strongest economy. Amidst fears of a global recession, he said that India will grow with 7% GDP between the fiscal year 2022-23. Let us tell you that the Reserve Bank of India has recently reduced India’s GDP estimate by 0.2% and estimated that India will be able to achieve a growth rate of 7.00% in this financial year. At the same time, the World Bank also reduced India’s growth rate estimate from 7.5% to 6.5%. The increasing interest rates and rising inflation by the Reserve Bank are the main reasons behind reducing the GDP estimates.
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