GG News Bureau
New Delhi, 24th Jan. In the fiscal year 2023–24, foreign financial institutions are still struggling to accurately assess Bharat’s GDP. Various financial firms forecast that Bharat’s economic growth rate will range between 6 and 6.5% in the fiscal year 2023–2024. However, in reality, Bharat’s GDP has already expanded by 7.8% in the first quarter and 7.6% in the second quarter of the same fiscal year.
For the full fiscal year, Bharat’s economic growth rate will be higher than 6.5% even if it stays at 5.5% for the next two quarters. However, this is not required given the capital expenditures being made by the federal government and a few state governments, the rising demand for goods in rural areas, the steadily rising profitability of different businesses, and the growth rate in the collection of direct taxes and goods and services taxes. Bharat’s growth rate in the upcoming two quarters is most likely going to be higher than 5.5%. Therefore, there appears to be a good chance that India’s economic growth rate will exceed 7% in the 2023–2024 fiscal year.
Likelihood of being 7.3%
The World Bank and the International Monetary Fund have estimated that Bharat’s GDP growth rate for the fiscal year 2023–2024 might be 6.3%. It is estimated to be 6.5%, according to credit rating agency Icra; it is 6.7%, according to Price Water Coopers, Barclays, and Asia Development Bank; and it is 7%, according to Deloitte Bharat. On the other hand, a number of Bharatiya financial organizations have been consistently raising their estimates of Bharat’s growth rate to over 7% for the full fiscal year. The Department of Economic Research at the State Bank of India, the Reserve Bank of India, and the National Statistical Commission have all forecast that Bharat’s economic growth rate will be 7.2% in the fiscal year 2023–2024. According to the institute, it will be 7.3%.
The Bharatiya economy quickly become fully digitalized
In actuality, the Bharatiya economy has quickly computerized in recent years. More than 50 crore bank accounts have been opened by citizens of Bharat under the Direct Benefit Transfer Scheme (DBT). These bank accounts are the first step towards creating these Bharat’s people’ financial histories. For instance, a tea vendor makes Rs 2000 a day if he sells 200 cups of tea at a cost of Rs 10 apiece. Owing to Bharat’s growing digitization, the shopkeeper deposits the money his clients pay him directly into his account rather than accepting cash in payment for tea. Every month, Rs 60,000 is deposited into his bank account, and over the course of the year, Rs 720,000 is deposited into his account. With this, that shopkeeper’s credit record is being established. A bank will view a tea shopkeeper’s record as good and consider him to be an appropriate customer for lending if he brings in Rs 720,000 annually. The bank will then easily grant the shopkeeper a loan so that he can grow his business. is offered. As a result, a large number of microbusiness owners are evolving into small and medium-sized owners. Owing to the expansion of small traders’ businesses, these entrepreneurs are successfully generating millions of new job opportunities.
Significant increase in religious travel to Bharat
Furthermore, religious travel in Bharat is experiencing a massive upsurge. More than 7 crore devotees have traveled to Varanasi to receive darshan from Lord Shiva since the creation of his corridor. In a similar vein, the number of devotees traveling to Ujjain city has also increased since Mahakal Lok was built there. Each year, thousands of tourists flock to Gujarat to see the life-size, magnificent statue of Sardar Vallabhbhai Patel. In a similar vein, millions of followers go to these locations annually for religious purposes in order to visit sites such as Vaishno Devi, Tirupati Balaji, Haridwar, and Vrindavan. Lakshadweep and the Andaman & Nicobar Islands are currently undergoing tourism-related development. This is going to boost the number of foreign tourists as well as those from Bharat. Every nation that experiences a rise in tourism also experiences a massive rise in business for entrepreneurs operating in industries such as small companies, hotels, and transportation, among others, creating millions of new job opportunities. Additionally, this raises the nation’s gross domestic product.
Foreign institutions are not accurately estimated
Thirdly, one unique feature of Bharat is the abundance of money that Indians lavish on a variety of holidays and special occasions, including weddings. As a result, different business sectors experience an unparalleled surge in business throughout the festival and wedding season. For instance, people in Bharat compete with one another to buy different new things during the Diwali celebration. During the Diwali season, billions of rupees worth of business is conducted in Bharat. There are comparable circumstances throughout the wedding season as well. It is likely that international financial institutions are attempting to estimate GDP solely using the conventional method since they are unable to comprehend the aforementioned developments occurring in Bharat. As such, the various foreign institutions’ projections of Bharat’s growth rate are turning out to be inaccurate.
