The Indian economy recovered quickly after the second wave of the Covid-19 pandemic in 2021. Later, the IMF estimated GDP growth for the year 2021 at 8.5%, while rating agency Moody’s expected 7.9%. Since then, the numbers have shown a more positive trend, and Moody’s changed its forecast to 9.2 percent for the 2021–2022 fiscal year, ending on 31 March 2022. While GDP growth rates are positive, India still faces the challenge of rising unemployment, as sectors with contact-intensive services are slow to recover. This briefing looks at key economic indicators for the Indian economy in 2021–2022, as well as forecasts for 2022–2023.
Keywords: India’s economy, GDP growth, unemployment, Covid-19, the war in Ukraine
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