India’s consumption gathers steam in post Covid phase amid global slowdown

Even as the Reserve Bank of India trimmed India’s growth projections to 6.8 per cent from the earlier 7 per cent, the country’s consumption pattern is once again picking up steam in the post Covid phase. The rise in demand is almost even in all segments including FMCG, automobiles, electronics and air travel among others.

Sources said that India’s focus will be on reviving growth with the target of achieving the $5 trillion mark by 2027.

While India Inc is bullish about the country’s growth story and expects the momentum to remain in tact in 2023, there are some concerns over China’s rise in Covid cases.

“We definitely need to be vigilant with the rise in Covid cases in China but there is no need to press any panic button and we must remain focused on boosting growth. We cannot take any step which dampens the growth story,” a top executive engaged in a multinational firm said.

Earlier Shaktikanta Das, RBI Governor said that the Indian economy remains resilient and “the country is seen as a bright spot in a gloomy world.

A Reuters report said that while slower than the current fiscal year’s projected 6.8% growth, the outlook contrasts with bleaker 2023 projections in the United States, Europe and most noticeably China, a major Asian economic rival where a recent surge in Covid infections is expected to hobble activity next year.

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