Mumbai: India is expected to be one of the major beacons of economic growth in the calendar year 2023, driven by strong domestic demand and government expenditure, said KPMG in its Global Economic Outlook report.
This despite a sluggish growth of 4.4 per cent during the last quarter of calendar year 2022 as compared to 6.3 percent in Q3 2022, the report said.
“The efforts of the Union Budget 2023-24 to improve the disposable income of taxpayers in the country is expected to boost consumption via an increase in discretionary spending,” it notes.
In addition, the strong capital expenditure push provided by the Union Budget, with an increased outlay of 37.4 per cent in comparison to the fiscal year 2022-23, is expected to drive growth, investments, and job creation.
According to the report, the Indian government’s reduction of over 39,000 compliances and decriminalisation of over 3,400 legal provisions will also foster the ease of doing business in the country.