Page 63 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

Edition July 2022
Annual Issue, 10
BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
BFSI Chronicle, 2
nd
nd
th th
he days of quantitative easing
INDIA’S and tightening have not derailed
India’s march towards a $ 5.0
ECONOMY Ttrillion economy. The country
has weathered the storm and is limping
back to normalcy despite minor Corona
GALLOPS DESPITE related incidents here and there. The IMF
has projected 8.2% GDP growth for India
in 2022, compared to 3.7% for the US, 4.4%
QUANTITATIVE for China and (-8.5%) for Russia. India will
remain the world's fastest-growing major
economy.
TIGHTENING The impact of the Ukraine War has led

to an economic downslide that will slow
global growth in 2022 to increase inflation.
Food prices have escalated, impacting the
vulnerable public across geographies. The
global expansion is forecasted to slow from
an estimated 6.1% in 2021 to 3.6% in 2022
and 2023. However, improved performance
under exports and ever-increasing
domestic demand have saved India from
deceleration. The juggernaut marches
ahead. With the growth at 8%, India’s GDP
will scale the $ 5.0 trillion goal post by FY
2027.
Among the star performers bringing the
goal post closer are Indian Banks. Almost
all lenders in the private and public sectors
have turned the corner with handsome
profits on 31.03.2022. The NPA provisions
have gone down due to solid gatekeeping
on stressed assets. RBI initiatives on the
restructuring of MSME loans have been a
game-changer. The stock market has dis-
intermediated and taken away a load of
banks through boisterous responses to
public issues. The situation has improved so
much that perennial struggling companies
Shri Hargovind Sachdev like Ruchi Soya Limited have repaid the
Former General Manager State Bank of India entire debt after a successful public issue.

The Institute Of Cost Accountants Of India
The Institute Of Cost Accountants Of India
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