India set to be 2nd fastest Growing Economy
after Saudi Aradia, shrug off recession risk

In its latest report, the Organisation for Economic Cooperation and Development (OECD) projected India as one of the fastest-growing economies amid a global slowdown triggered by an enormous energy shock from the ongoing Russia-Ukraine conflict.

The Paris-based intergovernmental body - OECD, which focuses on economic policy reports, said that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 after Saudi Arabia. The statement comes despite most countries tightening monetary policy to manage inflationary pressures.

Amazon founder Jeff Bezos's advice that American consumers keep cash safe and avoid unnecessary spending has reaffirmed the fear of the United States economy plunging into recession.

And, there have been abuzz in the markets with fears of a recession across the world, especially in the world's largest economy, the US, which accounts for a quarter of the Global Economy. High inflation rates in the wake of the energy crisis due to the Russia-Ukraine war first sparked the concern. Large-scale tech layoffs further highlighted the fear. Jeff Bezos' comments come after even Goldman Sachs (The largest investment Bank) has forecast that the US will narrowly avoid a recession.

The Top Policymakers in India appeared confident that India's growth prospects are bright. Even as the finance ministry has kicked off budget consultations with industry stakeholders, Niti Aayog (Planning Commission) Vice-Chairman Mr. Rajiv Kumar has said there is no such prospect of recession in India. However, India's growth may be negatively affected by the global conditions. "We will still manage to grow at 6-7 percent in 2023-24," he said.

At a global level, the OECD projects that if the global economy avoids a recession, it would be thanks to some of Asia's biggest economies, such as India.

"The constantly growing demand, growing youth population, new technological development, and a great investment outlook make India a land of opportunities. And, India is seen as a potentially high growth economy." said political analyst Rehan Rajput.

Global GDP is projected to grow by 3.1 percent this year and by just 2.2 percent in 2023. And the UK, which has recently witnessed the change of guards at 10 downing street, is projected to be among the worst hit of all G20 nations, with at bottom war-hit Russia registering negative economic growth for the current and next financial year.