India is aiming at double-digit growth for 2022 and to become one of the fastest-growing economies in the world, said finance Minister Nirmala Sitharaman. The finance minister also stressed the objective of economic growth in 2022 with growth between 7.5-8.5%.
She also said that the government will try to sustain this economic development figure throughout the next decade. She said that this would be the highest in the world this year. The finance minister said this during a conversation at Harvard Kennedy school.
The FM said that till now the finance ministry has not done any assessment or analysis of the growth. This figure is given by prominent international organizations like World Bank and IMF who have come closer to this estimate for India.
She shared that this number is estimated because the pace of expansion of core industries is increasing. She is not estimating India to become any less than these numbers.
In a conversation with a professor at Harvard University Lawrence Summers, she was asked about the global economy too. To which she said that we cannot group the world into one picture and the developing economies in the world shall recover speedily. She further said that these emerging economies will be the pulling force for the global economy.
She also commented that the recent figures strongly suggest that India will record the highest growth this year. India shall also be among the fastest-growing economies of the world, she added.
In terms of the current scenario, the sharp drop in the economy in 2020 was the largest in the country’s history. Along with that, the poor households of the country were the worst affected sections experiencing economic damage.
If we take a look at the Indian economy then we shall realize that since the post-independence era there have been 4 incidents of sharp drops. The Indian economy faced a drop in 1958, 1966, 1973, and 1980.
Among these years, the biggest drop of the Indian economy came in the year 2020 with a record contraction that was worse in comparison to the world. Even in terms of the unemployment rate in 2020, India performed poorly in comparison to the world average. As per figures, from April to June 2020, India’s GDP dropped by a massive 24.4%.
The pandemic brought grave economic difficulty, particularly to young people. The young people who are over-represented in the informal working sector faced the brunt of economic devastation. Long-term unemployment has been coupled with negative impacts on lifelong learning. On the other hand, The government has been working on making India a 5 trillion dollar economy.
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