The NDA government, under Prime Minister Narendra Modi, which assumed power for a second time in May 2019, has had to face a series of disastrous global headwinds. It started with three bouts of the Covid pandemic that led to widespread loss of life and livelihoods, followed by high inflation and a weak currency after Russia launched its long-drawn invasion of Ukraine earlier this year. The world is now staring at a probable recession, which has added to the uncertainty.
Policymakers could take heart from a recent Bloomberg survey that said that India has zero probability of slipping into recession, unlike other economies, including some parts of Asia, Europe and the US. Finance minister Nirmala Sitharaman, while speaking in Parliament on August 1, affirmed that India's economic fundamentals are looking good and that the country is neither facing a recession nor stagflation (characterised by zero economic growth and high inflation).
This story is from the August 22, 2022 edition of India Today.
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This story is from the August 22, 2022 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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