TIL Desk/Business/New Delhi/ The Indian economy is poised to grow at the quickest pace among the league of large nations on the back of various initiatives taken by the government in Budget 2022-23, said the Finance Ministry’s Monthly Economic Review.
“The current year may as well end with an economic reset manifest of a post-COVID-19 world…Manufacturing and Construction will be the ‘growth drivers’, triggered by the PLI schemes and public capex in infrastructure,” the review report said.
Agriculture, which continues to see a constant increase in net sown area and crop diversification, will strengthen food buffers while benefiting farmers through generous volumes of procurement at remunerative minimum support prices and income transfers through PM KISAN scheme, it added.
Observing that the IMF in its January 2022 update has lowered its global growth estimate for 2022, it said India is yet the only large and major country listed by the IMF whose growth projection has been revised upwards in 2022-23.
“In a testimony to the resilience of its people and the farsightedness of its policy making, the Indian economy that contracted by (-)6.6 per cent in 2020-21 is now projected in 2022-23 to grow the quickest among the league of large nations,” it said.
