Will India become the world’s fastest growing large economy?

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Will India become the world’s fastest growing large economy?

By Suman Bery

East Asia Forum

February 10, 2022

In late January, the IMF released its update on the outlook for the world economy. It downgraded its estimate for global growth in 2022 to 4.4 per cent from 4.9 per cent last October. Against this background, India was a striking outlier.

It was not just the country with the highest anticipated growth in 2022, 9.0 per cent for India’s April 2022-March 2023 (FY23) financial year. It was also the only major economy where projected growth was raised, and that by a sizable 0.5 percentage point. Equally striking is that the Fund raised its 2023 India forecast, also by 0.5 percentage points, to 7.1per cent, also the highest growth of any G20 economy.

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January 17th, 2024

On 10th January 2024, CPR received a notice from the Ministry of Home Affairs cancelling its FCRA status. The basis of this decision is incomprehensible and disproportionate, and some of the reasons given challenge the very basis of the functioning of a research institution. This includes the publication on our website of policy reports emanating from our research being equated with current affairs programming.

During the tenure of our suspension, we sought and obtained interim redress from the honourable Delhi High Court and will continue to seek recourse in all avenues possible.

This cancellation comes after a decision to suspend the FCRA status in February 2023. These actions followed an Income Tax “survey” that took place in September 2022. The actions have had a debilitating impact on the institution’s ability to function by choking all sources of funding. This has undermined the institution’s ability to pursue its well established objective of producing high quality, globally recognised research on policy matters, which it has been recognised for over its 50 years’ existence. During this time the institution has been home to some of the country’s most distinguished academics, diplomats and policymakers.

CPR firmly reiterates that it is in complete compliance with the law, and has been cooperating fully and exhaustively at every step of the process. We remain steadfast in our belief that this matter will be resolved in line with constitutional values and guarantees.

From the President, CPR

Opinion and commentary

Will India become the world’s fastest growing large economy?

By Suman Bery