Q. Many external agencies has predicted Indian economy will a as the fastest-growing major economy at 6.5-7.0 per cent in FY23. Which of the following measure/s/provision/s led to this growth?
1.Rebound of private consumption
2.Near-universal vaccination coverage overseen by the government.
3.High demand by world exports.
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Explanation: Despite these, agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23.
- These optimistic growth forecasts stem in part from the resilience of the Indian economy seen in the rebound of private consumption seamlessly replacing the export stimuli as the leading driver of growth.
- The uptick in private consumption has also given a boost to production activity resulting in an increase in capacity utilisation across sectors.
- The rebound in consumption was engineered by the near-universal vaccination coverage overseen by the government that brought people back to the streets to spend on contact-based services, such as restaurants, hotels, shopping malls, and cinemas, among others.
Source: Economic Survey