Amidst Global Economic Downturn, Indian Economy Response Has Been Commendable
Chief economists worldwide have begun warning the public that a global recession/ market meltdown is inevitable in the wake of the global pandemic. The early signs are already being felt in all economies with the complaints of the financial crisis in the name of increasing prices, high unemployment, layoffs and general economic contraction globally. However, amidst all this chaos, India seems to be thriving and continuing with the growth momentum it has shown over the past couple of years. Interestingly, a recent Bloomberg estimate about the probabilities of nations going into recession estimated the United States at around 40 per cent, Europe at around 50-55 per cent, and India at 0 per cent. This was backed up by the Reserve Bank of India's economic assessment in July 2022. So how is India making it possible? Now that's a million-dollar question for many around the world. To keep it simple, two main factors differentiate India from the rest of the countries fac...