The World Bank’s estimate for India’s GDP growth in 2022-23 (FY23) dropped from 7.5% to 6.5% on Thursday. 7.5% was the first guess. The World Bank also said that Russia’s invasion of Ukraine and tightening money worldwide would hurt the economy. Visit the Bitcoin Code site for the best and safest Crypto trading platform.
A recent study by the Indian non-governmental trade association and advocacy group National Association of Software and Service Companies (NASSCOM) showed that India is a leading global player in the Web3 market because it has a large talent pool, a high adoption rate, and makes products for international markets. The study was done by NASSCOM, an Indian trade and lobbying group that is not part of the government.
Over the next ten years, Web3 could add $1.1 trillion to India’s GDP, according to the US-India Strategic Partnership Forum (USISPF).
The research also showed that investments in Indian Web3 businesses have grown by 37 per cent in the last two years. This trend is similar to how cryptocurrencies are becoming more popular. Compared to the United States, China, and the United Kingdom, India has the slightest gap between what people want and what they can get. This is because more skilled people are moving into the country, which makes Web3 grow even faster.
Also, India is number one in reskilling modern technologies, which is thought to be very important for developing technologies like Web3 and blockchain. There are many real-world applications in India’s Web3 ecosystem, and more than 60% of India’s own companies have set up shops in other countries.
Flipkart, India’s largest online store, opened a virtual world called Flipverse. People in the area can try products from brands like Puma and Nivea and buy them if they like them.
Polygon helped pay for the group eDAO, which helped make Flipverse. On Flipverse, people can collect digital items that will be sold on FireDrops, Flipkart’s new online shopping platform.
Due to long-lasting geopolitical tensions and aggressive tightening of monetary policy worldwide, the Reserve Bank of India (RBI) recently lowered its estimate of economic growth for the current fiscal year from 7.2% to 7%.
In April, India’s central bank, the Reserve Bank of India (RBI), lowered its estimate of GDP growth from 7.8% to 7.2%.In the first quarter of fiscal year 23, the real GDP increased by 13.5%, which was 3.8% more than before the epidemic. This was mainly due to increased private spending and investment demand.
A top UN body says India’s economic growth will slow to 5.7% this year, down from 8.2% in 2021. The drop is primarily because the government will spend less, and finance costs will increase.
What’s going on in India’s service business?
India’s service industry was less busy in September than in the previous six months. Prices went up, and there was more competition, which led to this. At the same time, the rate of new business was at its lowest level since March.
Considering the time of year, the S&P Global India Services PMI Business Activity Index decreased from 57.2 in August to 54.3 in September. This shows that growth has been going at its slowest rate since March, and this was the worst reading since March.
Last was the 15th month when the services sector’s production went up. The economy grows if the Purchasing Managers’ Index (PMI) exceeds 50. If it’s less than 50, the economy is getting smaller.