INDIA HAS BEEN viewed as an exception and a bright spot in this global downturn. The latest projections by the IMF show that India will remain the fastest-growing major economy in 2022 and 2023. I believe India may be able to escape this global economic downturn.
India’s growth model can with-stand a global downturn, as we are more dependent on domestic consumption. Moreover our economic growth is largely driven by the services sector and services tend to shrink less compared to manufacturing during global economic downturns, although given the export-oriented nature of IT Services, this will face some headwinds. Further,
