India to be 3rd-largest economy in world by end of decade: Subhrakant Panda

He also mentioned that inflation is within control but there are challenges ahead that have more to do with the global situation.

by Soumayashree Mishra
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Since the beginning of the year, there has been discussion about the risk of a global recession—a decline in global per capita GDP, caused by the rapid worsening of growth prospects, increasing inflation, and tightening financial conditions. With this lies a big question, is the Indian economy on top of things amidst the current global economic recession?

To answer the question and elaborate more on the Federation of Indian Chambers of Commerce and Industry’s (FICCI) outlook for the year 2022-23, Union Budget expectations, and most significantly the FICCI impact areas, the newly appointed President Subhrakant Panda shares his insights in an exclusive interview.

Answering where India is positioned at the moment, FICCI President Panda said, “I think we are as well prepared as we have ever been for any type of situation.” According to him, with the world bank having upgraded the growth forecast on account of robust economic activity, as far as FY-23 is concerned, a growth of about 7% is expected. He also mentioned that inflation is within control but there are challenges ahead that have more to do with the global situation. Saying that India needs to expect and prepare for some degree of turbulence next year, FICCI President informed, RBI and the Central Government are working in tandem to put their best foot forward.

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