Perspective : India's Resilient Economy | 11 January, 2023
Summary
TLDRThe video script discusses India's economy, highlighting its resilience amid global economic uncertainties. Experts from various fields analyze the World Bank's prediction of India's growth at 6.6% in 2023-24, attributing this to strong domestic consumption, prudent fiscal management, and effective handling of external shocks. They also emphasize the importance of the upcoming Union budget, expecting a conservative approach with a focus on climate change initiatives and welfare spending, while addressing the challenges posed by global recession fears and inflationary pressures.
Takeaways
- 📈 The World Bank predicts India's economy to grow at a rate of 6.6 percent in the fiscal year 2023-24, making it the fastest-growing economy among the seven largest emerging market and developing economies.
- 🌐 The key challenge for global policy makers is to mitigate the risk of a global recession, particularly one that could result from rapid and synchronized monetary policy tightening causing financial stress.
- 🇮🇳 Prime Minister Narendra Modi highlights that credible global economic institutions have unprecedented confidence in India's economy.
- 📊 The National Statistical Office (NSO) of India expects the economy to grow at 7 percent in the current financial year 2022-23.
- 💨 Domestic headwinds in India are minimal, but global headwinds such as fluctuating natural gas prices and potential recessions in other economies could impact India's exports.
- 💼 The Indian government is balancing its budget prudently and is not taking any risky steps, with an expected fiscal deficit of 6.4 percent.
- 📉 Despite the potential for global recession, India's domestic economy is performing well, with core industries and agriculture showing resilience.
- 🌍 India has managed geopolitical situations like the Ukraine war effectively, keeping energy and food prices under control and maintaining macroeconomic stability.
- 📊 India's demographic factors, including a large and young population, contribute to its economic resilience and potential for sustained growth.
- 💹 India's FDI inflows are at a record high, reflecting global confidence in the Indian market and its relative insulation from external shocks.
- 🏦 The Reserve Bank of India (RBI) has managed inflation well, and the growth has not been significantly impacted by monetary tightening policies.
Q & A
What is the World Bank's prediction for India's economic growth rate in the fiscal year 2023-24?
-The World Bank predicts that the Indian economy is expected to grow at a rate of 6.6 percent in the fiscal year 2023-24.
How does the World Bank view India's position among the largest emerging market and developing economies?
-According to the World Bank, India is expected to be the fastest-growing economy among the seven largest emerging market and developing economies.
What is the main challenge for policymakers around the world as mentioned in the script?
-The main challenge for policymakers is to lower the likelihood of a global recession, especially one that could result from rapid and synchronous monetary policy tightening causing widespread financial stress.
What confidence does Prime Minister Narendra Modi mention about India in the Madhya Pradesh Global Investor Summit?
-Prime Minister Narendra Modi stated that institutions and credible voices tracking the global economy have unprecedented confidence in India.
What is the National Statistical Office's (NSO) first Advance estimate of economic growth for the current financial year 2022-23?
-The NSO expects the Indian economy to grow at seven percent for the financial year 2022-23.
What are the two major challenges for the Indian economy as outlined by Mr. Bhattacharji in the script?
-The two major challenges are the global headwinds, particularly the fluctuation in natural gas prices, and the potential decline in exports due to a global recession or near recession conditions affecting trading partners like the USA, EU, and Africa.
What measures is the Government of India taking to manage its economy amidst global economic uncertainties?
-The Government of India is balancing its budget, avoiding risky fiscal steps, and expecting a fiscal deficit of 6.4 percent. It is also rationalizing expenditure and subsidies, and direct and indirect taxes are rising according to budget projections.
How does Mr. Anand Singh Bhal describe India's resilience in the face of global economic challenges?
-Mr. Bhal attributes India's resilience to effective management of fiscal prudence, macroeconomic fundamentals, industry performance, and agricultural stability. India has managed energy prices and supports well, and its domestic production is doing reasonably well.
What does Mr. Dharmendra Kumar highlight about India's economic growth prospects and the role of demographic factors?
-Mr. Kumar emphasizes that India's growth prospects are optimistic, with international institutions like the IMF and ADB also predicting high growth rates. Demographic factors, such as India becoming the most populous and youngest country, contribute to this optimism.
What is the general expectation for the upcoming Union Budget of India as discussed by the panel?
-The panel expects a 'boring' budget that is fiscally conservative, with no major policy fireworks but possibly some tweaks to support larger economic growth. The budget is expected to focus on welfare spending, especially in rural areas, and to be fiscally prudent.
What sectors and policy areas does the panel suggest will be significant in India's upcoming Union Budget?
-The panel suggests that climate change will be a significant area, with expectations of a large package of measures on climate-related developments. Other sectors to watch include infrastructure, logistics, agriculture, education, and regulatory architecture for capital markets and data privacy.
Outlines
📈 India's Resilience Amid Global Economic Gloom
The script discusses India's robust economy, which is expected to grow at 6.6% in the fiscal year 2023-24, as predicted by the World Bank. Despite a grim global economic outlook, India is set to be the fastest-growing economy among the seven largest emerging markets. The key challenge for global policy makers is to avoid a recession, especially due to rapid and synchronized monetary policy tightening. Prime Minister Narendra Modi highlights the confidence global economic institutions have in India. The National Statistical Office (NSO) forecasts a 7% growth for the current financial year 2022-23. The discussion revolves around understanding India's economic resilience and the challenges it faces due to global economic conditions.
🌐 Geopolitical Stability and Economic Resilience
The panelists in the script debate the factors contributing to India's economic resilience, such as effective management of geopolitical situations like the Ukraine war, which did not significantly impact India's economy. India's energy and food prices remained controlled, and fiscal prudence helped manage inflation. The country's macroeconomic fundamentals have been strong, with various sectors like industry and agriculture performing well. The discussion also touches on the importance of India's domestic market and regulatory architecture, which has been adjusted to support industrial policy and attract foreign direct investment (FDI), contributing to India's economic stability.
💼 Fiscal Prudence and the Upcoming Budget
The script emphasizes the importance of India's conservative budgeting approach, which has been instrumental in maintaining economic stability. The government is expected to continue this trend, focusing on a balanced budget without significant expenditure increases. The upcoming budget is anticipated to be fiscally conservative, encouraging patient capital like FDI from pension and insurance funds. The government aims to ensure fiscal responsibility while funding welfare programs and state requirements. The discussion also suggests that the budget will be 'boring' in the sense that it will not introduce drastic policy changes but will focus on prudent fiscal management.
🛠️ Policy Tweaks and the Path to Sustained Growth
The panelists agree that while the budget is an important policy vehicle, many key policy initiatives are introduced outside of it, reflecting the maturity of India's policy-making process. The government is expected to maintain fiscal prudence, which has been beneficial during post-COVID recovery. They also discuss the potential for policy tweaks in the budget to support the economy's growth trajectory. The panelists express optimism about India's ability to handle global challenges such as the pandemic, supply chain disruptions, and energy shocks, positioning the country for resilient growth.
🌿 Climate Change and Future Economic Measures
The script concludes with a focus on climate change as a significant area for future policy and investment. The government is expected to announce measures related to climate change, which will impact investment, employment, and global environmental efforts. The establishment of sovereign green funds and the anticipation of further climate-related policy announcements suggest a positive direction for India's economy. The panelists also mention the need to monitor subsidies for cooking gas and fertilizers, which could pose risks to the economy, and express confidence in India's preparedness for future challenges.
Mindmap
Keywords
💡Resilient Economy
💡Global Recession
💡Monetary Policy Tightening
💡Fiscal Deficit
💡Inflation
💡FDI (Foreign Direct Investment)
💡Budget
💡Welfare Spending
💡Geopolitical Situation
💡Climate Change
💡Production-Linked Incentives
Highlights
India's economy is expected to grow at a rate of 6.6 percent in the fiscal year 2023-24 according to the World Bank.
India is projected to be the fastest growing economy among the seven largest emerging market and developing economies.
The World Bank identifies the challenge of averting a global recession as a key concern for policymakers worldwide.
Prime Minister Narendra Modi expresses confidence in India's economy at the Madhya Pradesh Global Investor Summit.
The National Statistical Office (NSO) predicts a 7 percent growth for the Indian economy in the financial year 2022-23.
India's economy is resilient due to domestic factors and the absence of significant headwinds.
Global headwinds, such as fluctuations in natural gas prices, pose a challenge to India's economy.
India's exports may be affected by global recessions or near-recession conditions in other economies.
The Indian government is balancing its budget and avoiding risky fiscal policies.
India's fiscal deficit is expected to be 6.4 percent, with rationalization of expenditure and subsidies.
The lack of tailwind from abroad means India must create support domestically within its own economy.
India's geopolitical situation and management of the Ukraine war's impact on energy and food prices demonstrate its resilience.
India's macroeconomic fundamentals have remained strong, contributing to its economic resilience.
India's demographic factors, including its large and young population, are seen as advantageous for its economy.
The Reserve Bank of India (RBI) has managed inflation well without significantly impacting economic growth.
India's budget is expected to be fiscally conservative, encouraging patient capital and FDI.
The government's conservative budgeting approach has helped India maintain economic stability.
Welfare spending, especially in rural areas, is a key area for the government's budgetary focus.
Climate change is a significant area where the government is expected to introduce measures and investment.
The government may announce measures related to domestic packaging and environmental conservation.
Subsidies for cooking gas and fertilizers are areas of fiscal risk that will be watched closely in the budget.
Transcripts
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foreign
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National and international issues today
we're going to talk about India's
resilient economy now even as it
predicted a gloomy outlook for the
global economy the World Bank has said
that Indian economy is expected to grow
at the rate of 6.6 percent in fiscal
year 2023-24 it further says that India
is expected to be the fastest growing
economy among the seven largest emerging
market and developing economies
according to the World Bank the key
challenge for policy makers around the
world is to lower the likelihood of a
global recession especially one that
could result from Rapid and synchronous
monetary policy tightening that causes
widespread Financial stress now
addressing the madhya Pradesh Global
investor Summit on Wednesday prime
minister Narendra Modi said institutions
and credible voices that track the
global economy have unprecedented
confidence in India the national
statistical office NSO in its first
Advance estimate of economic growth for
The Current financial year that is
2022-23 expect that Indian economy will
grow at seven percent so we'll try and
understand as to what makes Indian
economy so resilient and what are the
key challenges uh given the gloomy
Outlook which the World Bank has
projected for the global economy and
what it needs to be done at uh India's
level and at Global level as well and
for more on this we joined by a
distinguished panel of experts let me
first introduce them to you beginning
with the bhattacharji here with us in
the studio Consulting editor business
standard welcome boy
we're also joined by Mr Dharmendra Kumar
he's a former executive director for
India in the world bank and Mr Anand
Singh bhal former principal economic
advisor government of India is also with
us welcome both of you gentlemen also
I'll begin with you and let's let's
start by you know uh picking up some key
highlights from that World Bank report
what it says about India other emerging
uh you know economies as well and most
interestingly about developing economies
as to how a recession is uh now
unavoidable situation in in most of them
well you know that's where the point is
the world economy this there are so many
moving parts that Frankly Speaking any
report that's uh sort of you know
looking at more than a quarter ahead is
likely to run into problem
because there's the changes are not like
you know sequence they are sort of going
up and going down and that is creating a
problem like for instance day before
yesterday Goldman Sachs has said that
Europe possibly is not going to be in
recession
so this is a problem that we have to
really handle in terms of the ability of
the economies
by looking at themselves rather than by
looking at forecasts from outside if I
look at the Indian economy what is it
that I look I will again
going into FY 23 fy24
there are no domestic headwinds
particularly accepting the private final
consumption expenditure at the lower end
of the income bracket okay the problem
that is coming along is from the global
headwinds
both the you know natural gas prices
have come down but they could Jolly will
go up because the essentially it's a
question of a trade-off
and the other thing that's happening is
when you have a recession globally in
lots of economies or near recession
condition obviously exports will not
rise
now that is the two major challenge
Indians exports to USA to EU to Africa
name it will always will be affected by
the fact that these economies are not
really pushing up
so the government of India is doing
right it's balancing its budget it's not
taking any what I should call fancy
steps its fiscal deficit is expected to
be 6.4 percent as it is predicted there
will be some rationalization of
expenditure subsidies
but there will also be the problem that
all the and and yes and the direct taxes
and indirect taxes are both Rising for
ahead of budget expectations I mean
Budget projections but the problem that
will be coming will be that there is no
uh Tailwind coming from abroad okay so
all the support has to be provided and
created by the state and the central
government domestically itself it will
have to be built within the economy
within the structure uh you know our own
indigenous structure here as well let me
bring in uh the other two panelists as
well I'll start with you uh you know uh
Mr ball uh in terms of what the report
says that's that's one part and of
course you know as shumoy was saying uh
there are various reports which keep on
coming from these rating agencies and
organizations as well
and sometimes they do uh you know make
Corrections on course also but the key
elements in terms of what the global
economy is facing and wizard with that
how we in India our economic growth is
is varying we're in a right path right
now seemingly the projections are also
pretty positive uh and that you know
comes to the question that brings us to
the question so what is making us so
resilient what is making our economy so
resilient
this is a globalized world it's almost
like a global village
and India took on the geopolitical
situation very well the
war in Ukraine didn't affect it too
badly uh energy and food prices stayed
within control these developed countries
which went in for heavy retail inflation
which they were not used to in India
thanks to managing its fiscal side so
fiscal Prudence marriage managed its
inflation well
and the macroeconomic fundamentals of
the economy have been resilient and
they're standing up to the test of time
so industry is doing reasonably well the
core interest core Industries are doing
reasonably well agriculture is doing
reasonably well so we didn't let uh the
global sort of headwinds disrupt us the
geopolitical situation being what it is
the Ukraine War uh the post-corona sort
of uh effect we took it uh on the chin
and keeping our strategic interests
right we manage the energy prices well
we managed our
supports reasonably well and our
domestic production is also doing well
so as subumai was saying our domestic
economy is doing well being a large
economy
as a being a large Market the regulatory
architecture has been has generally
tweaked and we're going in for a bit of
industrial policy as we say we're not
doing it for uh free markets the way it
used to be in the early
2005 and 2010. so as per the global
economic policy India is also going in
for a bit of sort of uh regulation over
the markets and it is pushing its
industrial policy uh through its
production linked incentives so you are
seeing mobile phone markets and the
semiconductor chip coming in so India
seems to be on a good weekend FDI is
also and the world is responding well to
the uh resilience in the Indian economy
okay okay okay Mr Kumar uh you know uh
one key challenge which the World Bank
and its report is identified is to is to
you know uh put in place measures and
I'm talking about global economy here
put in place measures uh to uh slow down
the the recession effect and especially
uh with the the tightening of monetary
policy uh from you know major uh central
banks across the world and that is
happening in a very you know synchronous
manner so do you agree that this is one
of the biggest challenge and how do we
go about it also what kind of effect it
might have on our economy because we're
also you know our Central Bank is also
adopting almost a similar monetary
policy
well uh let me start from the question
which you pose to my colleague Mr bhal
and I'll be brief I won't take too much
of a time please it is not only the
world bank's report that we are talking
about which raised India's growth to 6.6
some say 6.9 and so on most of the other
International body the credit credible
International institutions like IMF
raise it to 6.8 the Asian development
talks about seven and many others
including Morgan Stanley and in fact
some of the others like McKenzie and
their CEO Bob said it's India's Century
it's not India's uh decade and there are
many uh indicators or many
evidence for this including for example
the flow of
FDI into India has been a record high it
is 84.8 billion dollars it is also
because of several other facts that
India is a large market and it is
relatively more insulated from outside
shocks outside
turbulence like for example one percent
fall in GDP in U.S would only result in
0.4 this thing in India while other
emerging economies could be impacted
almost 1.5 times of this number of
policies which the government has
introduced including infrastructure
Logistics and so on all added to the
economic efficiency so all together I
feel that it is not just the world
bank's assessment it is all around the
optimism and we feel that we definitely
would achieve this 6.9 or 7 rate of
growth in this coming year and the the
demographic
factors also the large population India
India would be the largest
populated country in the world this year
and youngest also the median age so all
together I'm very optimistic and what
you said about RBI is tightening of this
thing I think RBI is also handled the
inflation in the economy very well and
the growth has not been impacted by the
tightening of the interest or in
inflation all together we have been
growing steadfastly and I feel that and
these are the figures which should be
used in the budget on the 1st of
February
hopeful that the budget would also be
very pro-growth and supportive of these
factors okay okay two three aspects here
uh Gathering From what uh both Mr Kumar
and Mr Bal has pointed out
in terms of what goes in favor you know
uh the FDI inflows the macroeconomic uh
you know stability uh when we talk about
India the larger domestic Market you
know we don't have to depend on other
markets for for our growth to uh that
great extent as some of the perhaps you
know so-called developed economies have
to depend upon ah in terms of challenges
you know this this monetary policy uh
changes Global changes what kind of uh
impact they might have and also you know
inflationary pressure going from here
onwards it has been contained to a
greater extent but from here onwards uh
economy is a changing situation after
all the inflation part is fairly easy to
predict at this point because if uh if
if growth rate comes down globally and
even for India also to certain extent
obviously you would expect the
inflationary pressures also to be muted
essentially that means there isn't uh
too much of upside happening so so that
part is reasonably uh easy to look at
you know the the thing that happens is
in terms of the challenges which you
talked about is that over the last eight
years the India government has been
presenting a very conservative budget
it does what it wants to do in terms of
its policies beyond the budget the
budgets tend to be conservative and we
expect the same Trend to continue this
year which is extremely good
what it does is therefore it encourages
what sort of capital it encourages
patient Capital to come in FDI you
talked about so you know pay a Pension
funds or Insurance funds they will be
attracted to come in but remember their
flow tends to be slow
if the budget would be judged by what is
called the FBI flow foreign portfolio
investors you will not find a very major
upside there why because those guys come
in for short-term Investments so they
wouldn't find anything remarkable
happening because the budget we are I
mean everyone is demanding whether the
budget should be boring and that is
exactly what it should be because the
budget will be fiscally conservative the
budget will be looking at expenditure
through a very very sharp clear lens
than what is necessary and reallocating
them only to the extent necessary okay
because remember the government is doing
two things the government is ensuring
and what we had talked about in the
earlier part that it will ensure that
the fiscal numbers are all correct which
means that it keeps its hand closed at
the same time it has to also ensure that
the states are funded that the welfare
programs are funded that means what the
boring could rise
we are at about 16.4 trillion rupees
boring now that will possibly go up to
18 trillion
so the government will be raising its
borrowing but will be just be taking
advantage of the fact that the nominal
growth rate is slightly higher this year
it's coming in at 15.4 so next state
also it will probably project at the
same rate so even if it's 6.6 percent uh
say six percent next year and if the
nominal growth rate stays something
around 14 it still has that Headroom in
which it will borrow now I'm getting
into a bit of numbers here but
essentially says is that the government
has to do two things let us represent a
boring budget which is absolutely
necessary that all the numbers look
exactly what the
analysts would expect it to be but at
the same time provide room for welfare
spending
and Welfare spending because remember we
are also entering an election year so
welfare spending exactly additionality
on Rural spending especially because as
you've seen rural wages have not risen
fast or rather has not risen much at all
now that is where you would need that
additional spending to go that will be
non-cap expending so the government will
be spending more on capex but would try
to keep that additional extra
expenditure to go into areas where there
can be a sort of a immediate sleeping in
of additional income at the rural level
but this is a very tricky balance to two
which is why I use the word very
conservatively that's supposed to be and
it will be and I fully expect the
government to present a very staid
voting budget which is actually
necessary because that is what is
necessary and that has actually been
helping the government okay and and the
Indian economy to become whatever use
the word resilient that we have been
resilient despite the shocks that have
been thrown up by the world you know
there was a demanded one time a couple
of years ago that India should spend
like you know like there's no tomorrow
and India government did not spend and
by not doing it it has actually proved
itself right
it has not gone in the inflationary tail
uh Whirlpool okay so this so these are
very important things and very important
whatever it's called stabilizing
measures that the government is India
government of India has put in and to
the extent the central government state
governments also have done their bit and
it's likely to continue on the same part
as well as you're pointing out your boy
let me bring in Mr Paul here Mr ball uh
budget of course you know gives us an
indication as to uh where are we heading
for the next year and perhaps you know a
larger plan for the next few years as
well and in these situations these
Global situations uh it becomes really
important to look at the budget as
shubman was pointing out so in in your
views how do you expect you know uh the
kind of measures which the government
might take and also which needs to be
taken at this point in time to ensure
that we sustain the resilience of our
economy and perhaps you know stay
prepared for uh the worst to happen at
Global level in the years to come as
well
okay so uh let me just give the
perspective a budget basically that has
two functions in the Indian context one
it's a vehicle for policy and second uh
the Finance Minister does an
accountant's job of matching the
revenues and expenditures so as far as
the second rule goes uh they all know
it's going to be a boring budget it's
going to be fiscally conservative there
will not be a big expenditure search in
any way and as far as India's uh as far
as budget being a vehicle for
introducing new policy changes now
Indian economy has matured most of the
important policy changes are there
outside the budget also it is not of it
is not of the earlier years when the
whole country would wait for the budget
to come and become a vehicle of uh
important policy pronouncement it
doesn't work that way the policy making
now has become a continuous exercise
just like in the developed countries so
we don't look forward to the budget we
do look forward to the budget for some
changes but for no great path breaking
policy changes so our policy
structure is already in place so you see
industry you have the production linked
incentive and in the regulatory
architecture is being tweaked for the
capital markets for data uh privacy and
things like that so we are already uh in
a very uh in a mature um
position as far as economic policy goes
and as far as the fiscal situation goes
as we all know the government is going
to be fiscally prudent it has stood it
in good it has stood it in very good
stead during the post Corona time and as
we all uh keep hearing it is expected to
be a boring budget uh being a fiscally
prudent and that's the way it should be
in a a resilient economy we don't expect
any fireworks this is not a small
African economy where you look up to the
Finance Minister to give you big
fireworks in the budget no sir that
phase is over India is now a mature
economy a policy is in place and we
don't expect any great fireworks in the
budget okay okay
um Mr Kumar do you agree with uh you
know what uh Mr Mr ball is saying wizard
of his budget budget there and of course
uh shubham's point of view in terms of
how it has been played out by the
government but also more significantly
you know required per perhaps policy
tweaks in the short term in the midterm
and the long term as well to you know
keep us on the path to sustained growth
I fully agree with my other colleagues
the exercise of budget is generally for
those objectives which have been
mentioned by Mr bahal but a number of
other key policy initiatives keep on
happening all the time whether they are
in the field of infrastructure they are
in the field of multimodal trans
transport agriculture education recently
they they allowed a few initiatives and
also in the state governments lot of
collaborative or supplementary
initiatives keep on being taken all
together I feel that we are absolutely
on the right track and it has been
acknowledged by not only the World Bank
but by various other
institutions in the world and also the
other agencies which are
concerned with investments into India so
all together I feel we are absolutely on
the right track I don't expect too many
fireworks in the budget yet they could
be a few tweaks here and there for
pushing the economy for a larger growth
path we are already about seven percent
and I hope that in the times to come we
could even grow further we have tackled
the the pandemic very well I don't
expect much of uh trickle-down effect
from China which we are will fully
prepared to tackle we have tackled the
Russia Ukraine war and the supply chain
disruptions very well I don't expect
much again and the the oil shock we are
reasonably
towards the hydrogen energy and the the
green energy path so all together I feel
that for a medium to long term we are
all geared up for a resilient growth in
our economy okay okay five are fair
enough for you know all seems to be well
uh here now quick find including comment
from you before we bring this discussion
to end key sectors to watch out for in
terms of where the action might be uh
both in positive connotations and where
we need to watch out for when we're
talking about you know the effects of
global headwinds that's one part and two
our own resilience
the big area that I'm quite sure is
going to come is climate change
uh do definitely expect the government
two nouns and to push ahead a large
package of measures on climate related
developments and that is going to be
very significant because that's
investment related that's employment
related and that's obviously also
contributing to the world global thing
already The Sovereign green funds have
been announced they've been run out so
that the first of them so do expect a
fair in fact not fair considerable a
number of measures linked to climate
change okay going to be coming along
um this would include even you know
measures which actually replace
a large part of domestic packaging and
all those things secretary environment
has already said in one of the events
that that she expects that that those
things are pronounced very soon so that
those would be very significant and I
think that's very positive in terms of
the risks the government uh has this
risk of that expenditure or on basically
if well okay you know that that is the
that is that is something that that will
have to tune in uh I wouldn't expect
them to really do anything in terms of
heightening the expenditure but the
cooking gas subsidy has again been
brought in so how much is that subsidy
going to be picked this year will be an
interesting number to look at along with
fertilizer subsidy those two are major
risks for the week for the economy but
we'll see on the day of the budget okay
indeed that is something which we'll
keep a watch out on as well and all
those aspects thank you so much
Kumar as well for sharing your views and
insight as our experts for explaining
various aspects of India's resilient
economy more significantly why is
India's economy so resilient and the
global headwinds and the global
recession the fears of global recession
which have been pointed out by World
Bank seemingly won't have much effect on
Indian economy but will keep a close
watch here and let's also a watch out
for what lies ahead as far as Union
budget is concerned keep on bringing you
all the details till then keep watching
Sunset television thank you
[Music]
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