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BUSINESS EYE APRIL 22, 2022 | The Indian Eye 42

record exports and lower growth:

Indian economy swings amid

global uncertainty

World Bank has slashed India’s GDP forecast for fiscal year 2022-23 to 8% from 8.7%

predicted earlier, citing worsening supply bottlenecks and rising inflation risks

OuR BuREAu Meanwhile, the Asian Develop-
ment Bank Outlook 2022 earlier said
New Delhi
that India is likely to maintain its
ndia’s Services exports for the position as the fastest-growing major
first time achieved the targeted economy with a growth rate of 7.5%
IUSD 250 Billion during April- for 2022-23 on strong investment
March 2021-22, exhibiting a positive prospects against 5 per cent for Chi-
growth of 21.31 per cent over fiscal na in January-December 2022.
2020-21.
For the month of March 2022, the adB had said that India’s
the estimated value of Services ex-
port is USD 22.52 Billion, exhibiting growth in the next fiscal year
a positive growth of 8.31 per cent 2023-24 will accelerate further
vis-a-vis March 2021. India’s overall
exports (Merchandise and Services) to 8%, though China will wit-
touched an all-time high of USD ness a deceleration in growth
669.65 Billion in April-March 2021-
22, jumping by 34.50 per cent over to 4.8% in 2023.
the same period last year. For the last
month, March 2022, India’s exports The World Bank raised its
grew by 15.51 per cent in March 2022 Congress Party supporters stage a demonstration against the Central government over growth forecast for Pakistan, the re-
to USD 64.75 Billion over the same the hike in the prices of fuel and LPg cylinders in front of Indian Oil Bhawan, Eastern Regional gion’s second-largest economy, for
period last year. the current year ending in June, to
Addressing a press conference office, in Kolkata (ANI) 4.3% from 3.4% and kept next year’s
here today, the Minister of Com- growth outlook unchanged at 4%.
merce and Industry, Consumer Af- was set high, and yet doable,” he said. 2022-23 to 8% from 8.7% predict- The region’s dependence on ener-
fairs, Food and Public Distribution Goyal said if we have to make In- ed earlier, citing worsening sup- gy imports meant high crude prices
and Textiles, Piyush Goyal said India dia a developed nation, we will have ply bottlenecks and rising inflation forced its economies to pivot their
has achieved this exports high de- to increase our international engage- risks caused by Russia’s invasion monetary policies to focus on infla-
spite the slowdown in the economy ment. The government has struck vi- of Ukraine. The World Bank on tion rather than reviving economic
worldwide due to the Covid-19 pan- tal trade deals with the UAE and Aus- Wednesday lowered its growth esti- growth after nearly two years of pan-
demic and the recent geopolitical de- tralia towards this end, he said, adding mate for India, the region’s largest demic restrictions.
velopments in Europe. more FTAs and Comprehensive economy, to 8% from 8.7% for the The World Bank slashed this
“Services sector has achieved the Trade Agreements are in the works current fiscal year to March, 2023 year’s growth forecast for Maldives
all-time high despite Services like with the EU, UK, Canada and Israel. and cut by a full percentage point the to 7.6% from 11%, citing its large
Tourism, Aviation and Hospitality in- “Starting from ‘whole of the Gov- growth outlook for South Asia, ex- imports of fossil fuels and a slump
dustry being severely affected due to ernment’ approach, today ‘Whole of cluding Afghanistan, to 6.6%. in tourism arrivals from Russia and
the COVID-19 pandemic,” he said. the Nation’ has joined hands to make The international lender said Ukraine. It raised crisis-hit Sri Lan-
Goyal said India has been able India emerge as a trusted partner at that in India, household consump- ka’s 2022 growth forecast to 2.4%
to exceed the overall exports target the international level, dedicating tion will be constrained by the in- from 2.1% but warned the island’s
of $ 650 Billion due to the visionary itself to turn into an economy that complete recovery of the labor mar- outlook was highly uncertain due to
leadership of Prime Minister Naren- provides quality goods and services ket from Covid-19 and inflationary fiscal and external imbalances.
dra Modi that we turn India into an to the world,” he said. pressures. “High oil and food prices Sri Lanka’s central bank said on
export focussed economy. “The PM Goyal said that India is now an in- caused by the war in Ukraine will Tuesday it had become “challenging
himself conducted meetings with ternational aligned economy and the have a strong negative impact on and impossible” to repay external
India’s 180 missions abroad. Hectic world is our market today, not India. peoples’ real incomes,” Hartwig debt, as it tries to use its dwindling
parleys were held with the Export But the World Bank has slashed Schafer, World Bank Vice President foreign exchange reserves to import
Promotion Councils and then the bar India’s GDP forecast for fiscal year for South Asia, said in a statement. essentials like fuel.

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