Anand Mahindra praised Indians because citizens feel the country is ‘on the right track’ | Tech US News


Mahindra Group Chairman Anand Mahindra in his latest tweet has praised Indian citizens for being optimistic about the country’s future.

On Sunday, the entrepreneur shared a survey. “Which populations think their country is on the wrong track?”

A survey published on revealed that 73% of Indians feel the country is on the right track amid pandemic, inflation and geopolitical instability.

The survey, conducted in 22 countries including the US and the UK, said that only the population of India and Switzerland felt that their country’s approach was wise and correct.

While more than 60% of people in Poland, UK, Belgium, Spain, Netherlands, France, South Korea, USA, Germany, Japan, Norway, Sweden, Canada, Ireland and Italy think their country is on the wrong track.

While 50% of Brazilians think the country is on the wrong track, followed by Australia at 48%, and Mexico at 43%.

26% of citizens in India think the country is on the wrong track and 76% think the opposite.

Sharing the survey on Twitter, the M&M chairman said there will be many who are skeptical about the survey’s results, adding, “But I choose to believe. That we are truly a nation of hope. And hope is the fuel for success and positive outcomes.” .

Anand Mahindra wished his 10 million followers a “peaceful and hopeful Sunday”. The tweet received 340 likes in less than an hour.

However, credit rating agency Moody’s cut India’s GDP growth forecast to 7 percent for 2022, saying the global slowdown and higher domestic interest rates will dampen economic momentum.

Moody’s expects growth to slow to 4.8 percent in 2023 and then pick up to 6.4 percent in 2024.

According to Moody’s, the Indian economy grew by 8.5 percent in the 2021 calendar year. According to the official GDP estimate, the economy grew by 13.5 percent in April-June 2022-23, up from 4.10 percent growth in January-March. The GDP data for the September quarter will be released later this month.

A weaker rupee and higher oil prices continue to put upward pressure on inflation, which has been above the RBI’s tolerance level of 6 percent for most of this year, Moody’s said.

Moody’s expects the RBI to hike the repo rate by another 50 basis points or more with the aim of controlling inflation and supporting the exchange rate.

While the World Bank cut its growth estimate for India by 100 basis points to 6.5 percent, the IMF lowered it to 6.8 percent from 7.4 percent. The Asian Development Bank also lowered its estimate to 7 percent from 7.5 percent.

S&P Global Ratings cut its growth forecast for the current fiscal year to 7.3% from 8.7%. RBI expects economic growth of 7 percent this fiscal year.

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