India is one of the world’s fastest-growing economies and is projected to remain the fastest-growing major economy in the world, according to the World Bank. India’s economy is projected to grow at 7.5 percent in the fiscal year 2021-22, up from 6.9 percent in the previous year. This growth rate is expected to remain steady over the next two years, with the World Bank forecasting a 7.3 percent growth rate in 2022-23 and 7.2 percent in 2023-24.
The World Bank has attributed India’s growth to the government’s reforms and investment in infrastructure. The government has implemented several reforms to boost the economy, such as the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), and the Direct Benefit Transfer (DBT) scheme. These reforms have helped to reduce the cost of doing business in India and have made it easier for businesses to operate.
The government has also invested heavily in infrastructure, such as roads, railways, and airports. This has helped to improve connectivity and reduce the cost of transportation, which has been a major factor in India’s economic growth. Additionally, the government has implemented several measures to boost the manufacturing sector, such as the Make in India initiative and the National Manufacturing Policy.
The World Bank has also noted that India’s growth is driven by the services sector, which accounts for more than half of the country’s GDP. The services sector has been the main driver of growth in recent years, with the IT and telecom sectors leading the way. The World Bank has also noted that India’s manufacturing sector is also growing at a healthy rate, with the government’s ‘Make in India’ initiative helping to boost the sector.
The World Bank has also highlighted the role of the government in India’s economic growth. The government has implemented several reforms to boost the economy, such as the GST, IBC, and DBT. Additionally, the government has invested heavily in infrastructure, which has helped to improve connectivity and reduce the cost of transportation.
Overall, India is one of the world’s fastest-growing economies and is projected to remain the fastest-growing major economy in the world, according to the World Bank. The government’s reforms and investment in infrastructure have been instrumental in driving India’s economic growth, while the services sector has been the main driver of growth in recent years. With the government continuing to implement reforms and invest in infrastructure, India is likely to remain the world’s fastest-growing economy in the years to come.
