India to grow at 'moderately brisk rate', inflation to ease: Finance Mnistry

With regard to job situation, the Ministry said in India the recovery in economic activities across sectors has improved the overall employment situation in the country

India is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite global monetary tightening, a Finance Mnistry report said on Thursday.

It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects.

The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world.

It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession.

The spillovers of the global slowdown may dampen India’s exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle along with strengthened financial system and structural reforms will provide impetus to economic growth going forward.

"In a world where monetary tightening has weakened growth prospects, India appears well placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded (to) macroeconomic stability," the report said.

The ministry said, so far in current year, India’s food security concerns have been addressed and will continue to receive the utmost priority from the government.