Indian Economy to remain strong in ’23 despite global challenges: Assocham

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New Delhi, 02 January: Indian economy will remain strong despite global challenges. The country’s economy is expected to come out of the tough times globally and put up a strong performance in 2023 on the back of strong consumer demand, better corporate performance and moderation in inflation. However, this year will be full of challenges and opportunities.

The Associated Chambers of Commerce and Industry of India (Assocham) has said this in a statement released on Monday. Industry body, Assocham, said that despite global challenges including recession in many economies of the world, geopolitical tensions persist, India is on track to achieve a growth rate of 6.8 to 7.0 per cent in the financial year 2022-23, while the financial year same situation is expected to remain in 2023-24.

Assocham has said that the global situation looks challenging, but the Indian economy is expected to remain strong. This is because of strong domestic demand, a healthy financial sector and sound balance sheets of companies. The industry body said that there are early signs of better rabi crop yields, indicating a strong performance by the agriculture sector. This will have a positive impact on related industries like daily use goods, tractors, two-wheelers, specialty chemicals and fertilizers.