India's GDP growth has been a topic of much discussion in recent years. The country has seen a steady growth in its GDP, with an average annual growth rate of around 7%. However, there have been fluctuations in this growth rate, with some years seeing higher growth and others seeing slower growth.
In 2019-20, the Indian economy grew at a rate of 4.2% due to the global slowdown and the domestic challenges posed by the Covid-19 pandemic. The country went into a technical recession with two consecutive quarters of negative growth.
The year 2020-21 saw India's GDP shrink by 7.7%, which was the worst contraction in the country's history. The government and the Reserve Bank of India took various measures to revive the economy and the GDP growth rate for the next fiscal year 2021-22 is expected to be around 11%.
The Indian government has been taking various steps to boost the economy, such as implementing structural reforms, investing in infrastructure, and promoting foreign investment. However, the country still faces challenges such as high unemployment, low agricultural productivity, and inadequate investment in human capital.
Despite these challenges, the long-term outlook for India's GDP growth is positive. The country has a large and growing population, a rapidly urbanizing society, and a growing middle class. Furthermore, the Indian government's efforts to create a more business-friendly environment and promote economic growth are likely to pay off in the long run.
Overall, India's GDP growth has been on a roller coaster ride in the past few years, with the pandemic greatly impacting the economy. But with the government's efforts and various measures taken, the country is expected to bounce back and reach a higher growth trajectory in the coming years. ©️Namaskar Mandali is confident that India will continue to be a major contributor to the global economy in the coming years.
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