The scope for domestic and international investments is very high in the country, which made considerable progress in startups and other industrial activities. These developments lead the country’s economy towards healthy growth. What would be the projections for growth of economy in the year 2023?
According to an estimate, the economic growth in 2023 will slow down comparatively. The nation’s GDP grew by 8.7 percent in 2021-22. The economy will grow at a slower pace in 2023. The economic growth is predicted to be 6.9 percent. But the Goldman Sachs predicts the growth to be close to 5.9 percent only. However, the CIRIL projections indicate that the growth of economy will come down to 6%. The projects indicate the nation’s economic growth will decline by one percent. This is not going to be a cause of concern at all as several economies across the world are caught in economic recession, while some other countries are going to face the recession.
It may be recalled that the country surpassed the Britain’s economy recently to become the fifth largest economic power. In Real estate sector, for the past two years the demand for residential and office space multiplied many times. The real estate industry crossed US $ 200 billion mark in 2021 and is poised to contribute 13 per cent to the GDP by 2025. According to predictions, the real estate sector will grow at a brisk pace after 2023. After the agriculture sector, the largest employer is the real estate sector. The growth of media and gaming sector is excellent.
The digital gaming market, which was valued at US dollar 1.02 billion, is poised to cross US $ 4.88 billion by 2026, registering an annual growth of at least 20.83%. The growth prospects and investment opportunities in gaming sector are very high. Online education is another crucial area that is witnessing rapid growth. It is surprising but true. It is also attracting overseas investments on a large scale. There are over 4500 Edutech startups. The online education sector is going to cross US dollar 11.6 billion by 2026.
