Indian economy and perils of crude oil shock

The global economy is still not yet fully out of the woods from the aftershocks of Covid-19 pandemic and the ongoing war between Russia and Ukraine in Eastern Europe. The recently released World Economic Outlook (WEO), October 2023, by the International Monetary Fund (IMF) also predicted a bleak global economic recovery from 3.5% in 2022, 3.0% in 2023 and further deceleration to 2.9% in 2024. Amidst this environment of malaise, the Indian economy is expected to post a robust growth as a result of strengthening of domestic consumption and investment demand, revival of consumer and business confidence, improving industrial activity and thrust on capital expenditure among others.