India is to grow at 6.5% this year, less than 2022’s 7%, which has been due to the global economic and political developments
The rupee will depreciate further as the US Fed will probably hike their interest rates further
But, India has sufficient forex reserves to manage this volatility
The country’s current account deficit widened to 4.4% in 2022 and will continue to widen because of the increasing global commodity prices
Overall,
India is stable even after a global economic slowdown
Private consumption,
more jobs
and increased capex
led to growth for India in 2022