Page 40 - NIS English september 01-15, 2022

Economy India in a Strong Position

INDIA SHOWS RESILIENCE DESPITE THE

GLOOMY OUTLOOK FOR THE WORLD ECONOMY

The economic challenges during the Covid period, the Russia-Ukraine war, and
rising inflation affected the world economy but the Indian economy is showing
resilience. According to a recent survey by Bloomberg, many countries of the
world are facing recession but India is still untouched by it.

rime Minister Narendra Modi is an out-of- a recession in the next one year. Major economies
the-box thinker. During the last 8 years, of the world including Asian countries are facing
PPM Modi has brought many such changes the risk of recession. Due to lockdown during the
which earlier were thought to be unimaginable Corona period and the Russia-Ukraine war, the
or no one had even paid attention to them. The risk of recession is much higher in countries like
various economic measures were undertaken America, Japan, and China along with European
only when it was compelled. For the first time countries. But it is heartening to note that India is
since 2014, various measures were taken with an completely out of danger of recession.
eye on long-term benefits. According to the Bloomberg survey, India is the
Several steps including the Bankruptcy Code, a only country where the probability of recession
special focus on MSMEs, promoting a conducive is zero. The Bloomberg survey says that the
environment for industries, and investment to probability of Asia going into recession is 20-25
Ease of Doing Business were undertaken to boost percent, compared to 40 percent for the Americas
the economy. The economy which plummeted to and 50-55 percent for Europe. According to the
a negative level during the Covid period gained report, there is an 85 percent chance of Sri Lanka
momentum after two quarters. Every rating going into recession next year.
agency in the world extolled this achievement.
The latest Bloomberg survey highlights the CORE SECTOR PRODUCTION IN JUNE SHOWS
resilience of the Indian economy. According to A PHENOMENAL RISE
the survey many countries of the world are facing Eight Core sector output rises by 12.7% in

38 New India Samachar September 1-15, 2022