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In the last financial year i.e. 2022, India’s GDP has crossed 350 lakh crores for the first time. Global rating agency Moody’s said yesterday that India will become the fastest growing G-20 economy in the next few years. But it will need some improvement. According to the World Bank, India’s GDP in 2021 was Rs 263.5 lakh crore.
The pace of foreign investment in India may directly decrease
However, Moody’s said in a research report that bureaucracy could slow down the process of obtaining various licenses and setting up businesses. This can increase the duration and cost of the project. Moody’s Investors Service said, “The delay in taking the decision will directly reduce the pace of foreign investment in India.” Especially when India is in tough competition with other developing economies like Indonesia and Vietnam in the Asia-Pacific region.
What is GDP?
GDP is the most common indicator used to track the economy. GDP represents the value of all goods and services produced within a country during a specific period of time. This also includes foreign companies manufacturing within the country’s borders. When the economy is healthy, unemployment levels are usually low.
