India can sustain around 7% growth despite global concerns: Nilesh Shah
India is projected to experience approximately 7% economic growth this year despite higher oil prices and deficient rainfall. Nilesh Shah, a member of the Prime Minister's Economic Advisory Council, expressed optimism about the economic momentum. The rising oil prices are a key concern as they could impact inflation and economic growth. Shah highlighted the importance of managing the Unified…
New Delhi: India is projected to achieve around 7 percent economic growth this year, according to Nilesh Shah, a member of the Prime Minister's Economic Advisory Council. Shah expressed optimism about India's growth prospects at the 5th edition of the Kautilya Economic Conclave, despite concerns about rising oil prices and deficient rainfall.
He stated that he anticipates India's growth will remain around 7 percent in the future. The momentum of the second quarter is promising, according to Shah, but there are concerns that higher oil prices and a deficit of rainfall could negatively impact the economy through various channels. These include inflation, interest rates, the value of the rupee, economic growth, and corporate profitability.
Shah highlighted that a rise in oil prices could lead to increased inflation, which in turn may cause interest rates to rise, the rupee to weaken, and ultimately impact growth and corporate profitability.
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