India’s GDP Growth to be fastest in Asia in FY23: Morgan Stanley

• According to analysts at Morgan Stanley, India’s GDP growth will average 7% during this time, which is the strongest among the largest economies, and India will contribute 28% and 22% to both Asian and global growth, respectively. This makes India the fastest-growing Asian economy in the Asian region in 2022–2023. They claimed that due to the release of dormant demand, the Indian economy is poised for its strongest performance in more than a decade.

• The Reserve Bank of India (RBI) has increased policy rates by a total of 140 basis points (bps) in fast succession since May 2022, bringing them to 5.4 percent, just a little higher than pre-pandemic levels of 5.1 percent. Along with the decline in commodity prices, the economy’s reopening earlier this year has also contributed to the recovery of India’s GDP growth. According to Morgan Stanley, demand has recently surged as a result of rising mobility and sustained levels above pre-Covid levels.

Weekly Current Affairs (National) Bitbank: Which state is the top sugar producer of India in 2021-22?

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