ENA Economy 2022-07-14 12:52:08 <p><strong>New Delhi, July 14 (KNN)</strong> Despite changes in the geopolitical situation across the world India is expected to grow at a rate of 7.1-7.6 per cent in the current fiscal year, said a report. </p> <p>According to Deloitte India's economic outlook - July 2022 report, India is likely to grow by 7.1-7.6 per cent in 2022-23 and 6-6.7 per cent in 2023-24.</p> <p> This will ensure that India reigns as the world's fastest-growing economy over the next few years, driving world growth, the report said. </p> <p><strong><a href="https://news.google.com/publications/CAAqBwgKMJSHqwswkZLDAw/sections/CAQifkNCSVNXRG9pWjJGeVlXMXZibVJmY0hWaWJHbHphR1Z5WDNObFkzUnBiMjVmWldScGRHbHZia0lhWjJGeVlXMXZibVJmY0hWaWJHbHphR1Z5WDNObFkzUnBiMjV5RmdvVUNoSkhRVkpCVFU5T1JGOUdWVXhNWDA1QlRVVW9BQSoQCAAqBwgKMJSHqwswkZLDA1AB?ceid=IN:en&amp;oc=3"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></p> <p> The desire of global businesses to look for more resilient and cost-effective investment and export destinations during difficult times, among other factors, could work in India's favour, Rumki Majumdar, Economist at Deloitte India said. </p> <p>It noted that there was optimism in the beginning of the year which was jolted by a wave of Omicron infections swept through the country and Russia's invasion of Ukraine happened in February. </p> <p>These events aggravated the pre-existing challenges such as surging inflation, supply shortages, and shifting geopolitical realities across the world with no definite end in sight. </p> <p> And the subsequent confluence of headwinds such as surging commodity prices and disruption in trade and financial transactions quickly deteriorated economic fundamentals that were trending up a few months back, the report said. </p> <p>Rising commodity prices, surging inflation, supply shortages, and shifting geopolitical realities across the world weigh on the growth outlook. Still, India will likely reign as the world's fastest-growing economy, it noted. </p> <p>Deloitte India said that it expects inflation and supply chain disruptions to remain entrenched for some time. <em><strong>(KNN Bureau)</strong></em></p> 29854 https://knnindia.co.in/news/newsdetails/economy/india-to-witness-economic-growth-at-71-76-in-fy23-says-deloitte 2022-07-14 12:52:08 knnindia.co.in