The International Monetary Fund opines that the Indian economy is strong and is growing consistently though it has suffered some downfalls in the recent past.
The international organisation forecasts that the Indian economy would continue to grow with a powerful growth rate of nearly 7.3 per cent this year and over 7.5 per cent next year.
It is assumed that it is the hike in the oil price that has contributed to a negative impact on the economic growth of India. Fortunately, the impact of the oil price hike has been very low. Notably, India has successfully overcome the negative effect of the oil price hike.
India is an oil importer. There is no surprise that the rise in the global oil price usually decreases the strength of the Indian economy.
Another major factor which has recently affected the growth pace of the Indian economy is the tightening of the global financial system.
It seems that the Indian economy has successfully overcome all those negative factors and is likely to achieve an abrupt economic growth in the near future.
Can the country maintain the growth phase of it has achieved through persistent hard work and dedication? How can the country detach the country’s economy from the global oil price?
Vignesh. S. G
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