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India forecast as strongest-growing Asian economy
Morgan Stanley economists say that India could emerge as the strongest Asian economy in 2022-2023.
The economists expect Indian economic growth to average 7% in the next fiscal year, contributing 28% to Asian GDP growth and 22% to global growth. India’s economy grew 9.2% in 2022 after a Covid-driven contraction of 6.6% the previous year.
India’s government expects the economy to grow at 8% to 8.5% in 2022-23.
The Morgan Stanley economists said: ‘Lower corporate taxes, the production-linked incentive (PLI) scheme and India as a potential beneficiary of supply chain diversification will catalyse and sustain domestic demand, especially in investment.’
[Image: https://pixabay.com/photos/mumbai-bombs-gateway-to-india-india-1370023/]
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