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India’s economic cycles synchronised with advanced countries, However long-term trend rate of growth is deviated
Context –
The Indian economy appears to have done quite well in the first half of this fiscal year amid rising global risks.
Indian Economy's Strong Performance
- Growth in First Quarter: The Indian economy has shown remarkable resilience in the first half of the fiscal year, evidenced by robust growth rates, notably 7.8% in the first quarter.
- Strengthened Economy: The economy demonstrates strength through factors such as high PMI figures, sustained tax collections, strong public investment, and a supportive financial environment.
- Overcoming Hurdles: Despite headwinds like high food inflation and weak exports, India's economy is witnessing positive trends.
Challenges and Global Interaction
- Challenging Global Factors: While India's domestic economy exhibits resilience, it faces challenges influenced by global factors. These global dynamics, including cyclical aspects, shocks, and structural changes, create a significant impact on the country's economy.
- Global Integration: Integration with global markets and trade fluctuations, especially concerning Europe, the US, and the Asia Pacific region, contributes to these impacts.
- Geopolitical Factors: The ongoing geopolitical conflicts and erratic weather patterns add stress to the domestic economy.
Prospects for Long-term Growth
- Comprehensive structural alterations: India's growth narrative in the medium to long term is affected by extensive structural changes such as shifting globalisation, technological disruptions, climate action, and demographic transitions.
- Growth Prospects for India: As global growth potential declines, India aims to enhance its growth prospects by concentrating on infrastructure development, growth-oriented reforms, and the diversification of global supply chains.
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