India's Economic Resilience Amid Global Trade Challenges

India's Economic Survey forecasts the economy will grow by 6.8-7.2% in the coming fiscal year, maintaining its status as the fastest-growing major economy. Despite trade tensions and high tariffs from the US, strategic reforms and free trade agreements bolster India's economic outlook against global uncertainties.

India's economy is set to grow by 6.8-7.2% for the upcoming fiscal year starting in April, according to the government's pre-Budget Economic Survey. This growth maintains India's standing as the fastest-growing major economy globally, even amidst trade risks and global market volatility.

The survey notes a slight slowdown to 7.2% from the current year's estimate of 7.4%, attributed to strong consumption and investment. Despite trade tensions with the US, where tariffs have been on the rise, India has responded with significant policy and tax reforms to mitigate these impacts.

Furthermore, ongoing trade negotiations with the US and recent free trade agreements, including a major deal with the EU, offer optimism for future economic stability. The survey also highlights robust tax collections and new tax legislation aimed at fostering compliance and simplifying structures.

(With inputs from agencies.)