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.
"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.
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Is India No More World's 3rd Largest Economy? A FactCheck
A graphic misleadingly compares India's economic size to its economic growth rate to convey the economy being in bad shape
MKudratiMohammed Kudrati
Update: 2022-07-12 09:58 GMT
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Is India No More Worlds 3rd Largest Economy? A FactCheck
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A viral graphic stating that India has fallen from the third largest economy in the world in 2011 to the 164th fastest growing economy out of 193 countries in 2021, is misleading.
This is due to two reasons. First, the graphic makes an apple to oranges comparison as it compares India's position in economic size to its position in economic growth.
Second, the yardsticks used to measure them differ. The graphic measures economic size in purchasing power parity (PPP) (Claim: India is the third largest economy) while growth is measured in terms of constant prices (Claim: India is the 164th fastest growing economy). These are two separate ways to value an economy.
In terms of growth: India was the third largest economy in the world in 2011 and remains so in terms of PPP, following China and the United States, according to data from the World Bank
In terms of size: The Indian economy contracted in 2020, when the first wave of the COVID-19 pandemic struck, and from where this ranking is according to the International Monetary Fund (IMF). However, it has improved considerably in its latest estimates, to the world's fastest growing large economy.
However, the numbers and ranking used in the claim at face value are correct, the data show.
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Indian economy projected to grow 7.1-7.6% in current fiscal: Report
Indian economy is expected to grow 7.17.6 per cent in the current financial year despite shifting geopolitical realities across the world, a report said on Wednesday.
Topics Indian economic growth | Fiscal | Economic Systems
By Press Trust of India | New Delhi | Last Updated at July 13 2022 19:47 IST
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Indian economy is projected to grow 7.17.6 per cent in the current financial year despite shifting geopolitical realities across the world, a report said on Wednesday.
In its India's economic outlook - July 2022 report, leading consultancy Deloitte India said that as 2021 was coming to a close, there was optimism in the air but the optimism received a jolt early this year as a wave of Omicron infections swept through the country and Russia's invasion of Ukraine happened in February.
"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.
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.
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