The Predictive Analysis for Economic Development and Financial Status of India in 2023

Abstract

The West is heading toward an economic recession. India, which has emerged as a bright spot in 2022, will find it very difficult to maintain its growth momentum. However, in 2023, the countries of the world will be looking closely at India to increase the growth of the world. Even the World Bank revised its India GDP forecast to 6.9% for FY23 due to strong economic activity. India’s domestic consumption has supported the economy, but India, Asia’s third-largest economy, has not been immune to the impact of the global recession. In this study, predictive analysis has been discussed for the economic development and financial status of India in 2023. India’s central bank in its economic report noted that the balance of risks is tipping toward an increasingly gloomy global outlook and emerging market economies appear to be the most vulnerable. Average per capita income has risen seven times this year compared to 2000. Unemployment fell to 6.34% in September from 8.3% in August 2022. Inflation also stood at 6.01 in January 2022. It fell to 5.88 in November. Foreign exchange reserves stood at.