The global economy is in the doldrums as we head to 2023 and it is expected that developments are expected to complicate the situation further for the indian economy and therefore continued surveillance in maintaining the Indian stance is needed a report said by finance ministry
The ministry’s report for monthly’s economic review for November proclaimed that the external sector will continue to face the breeze arising from the global slowdown. However, it is also said the current account deficit is expected to be limited because of strong service export performance and by inward remittance which will touch $100 billion this fiscal. The report also said that as we head towards 2023 the global economic developments are expected to complicate matters for the Indian economy therefore sharp surveillance is a critical aspect in maintaining India’s resilience.
Adding to that, the finance ministry has also said that further commitment to macroeconomics stability will undermine the economic performance as well as the investor interest in india.in the midst of all of this economic negativity there’s a good news for india and that is india have done a good work regarding its financial systems in the last several years and a strong platform has been erected on which this middle-income economy can be constructed.
Regarding inflation the report has claimed that the pressure has been easing. Retail inflation fell an 11 month-low and the wholesale inflation fell a 22 month-low in the month of November. Whole price index also continues to decline and the consumer price index is below the RBI tolerance limit of 6% due to decline in food prices. However the core inflation continues to remain in confusion as it is around 6% in November partially due to high manufacturing costs to consumer prices as demand continues to recover.
As India takes on the G-20 presidency from Indonesia this year. It marks a significant step to lead the world on the global stage of world economy as it sails through storms and unforeseen challenges. India as the G-20 president shall have to focus on stabilizing the global economy as well the global financial sector in the aftermath of the pandemic and the Russia-Ukraine conflict
India. Economic activity is predicted to remain strong through the 2023 recession however it is expected to face some challenges regarding its service exports.
