By Admin 
Indian Economy: Amidst the global crisis that arose after the Iran War, bad news has emerged for India. According to the latest global GDP data report of International Monetary Fund (IMF), India has become the sixth largest economy in the world. Exactly a year ago, India was briefly described as the fourth largest economy.
According to the latest report of IMF, currently India’s GDP is around 2.25 trillion dollars. On the other hand, the Indian rupee is under pressure against the dollar. The strengthening of the dollar and rising prices of crude oil have weakened the rupee. This means that if the rupee had remained stable, India’s ranking in the global market could have been better. The weak rupee makes imports expensive, which directly impacts the country’s trade deficit.
Which countries are ahead of India?
1. America
2. China
3. Japan
4. Germany
5. United Kingdom
6. India
Experts believe that India now faces a double challenge. First, to maintain our growth rate i.e. GDP growth at the level of 7-8% and second, to control the volatility of the rupee.
What does S&P Global Ratings have to say on the economy?
Let us tell you that S&P Global Ratings believes that even if the average price of crude oil remains $ 130 per barrel in the current financial year amid the Iran war, the Indian economy is still expected to grow at the rate of 6.3 percent. The report also said that fiscal pressures from energy price shocks are not expected to impact India’s sovereign credit rating, as India has a political commitment to long-term fiscal consolidation.
S&P Director Yee Fern Phua said that if the average price of crude oil remains at $ 85 per barrel, India will grow at the rate of 7.1 percent in 2026-27. He says that this figure is still very strong compared to any major economy in the world. Even in the alternative scenario, say the average price remains $130 per barrel, we are still seeing a growth rate of 6.3 percent. Even in such a situation, India’s growth rate will be the highest among major economies.
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