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, a 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.