Recently the words of Joe Biden, US president, marked a big debt mess in the US. The US has confirmed its debt of $31 Trillion which is way more than its GDP itself. Over the past few years, the US debt has increased significantly affecting not only the US but the global scenario. Whilst all this, India is emerging as an impactful global economy. One of the major indicators, Nifty 50, one of the most prominent stock indexes of India, is rising simultaneously. Nifty 50 is only 600 points away from its all-time high of 18826. Amidst all the global chaos, the question arises, will the Nifty reach its all-time high? Will India’s economy continue to grow despite of US debt ceiling?
The US has been in debt for three centuries and the debt numbers have not looked back since. The debt now is at its peak and even more than the economy of the US. Recent events including the Afghanistan and Iraq wars, triggered a massive supply of weapons given over. Due to COVID-19, the expenditure has increased by over 50%, also the pandemic resulted in unemployment and mass staff firing. Even the biggest players in the banking sector of the US are in debt and collapsing. The failing names are JPMorgan Chase 1JPM, Bank of America, Silicon Valley Bank and more prominent banks. All the factors conclude in the massive debt of the US which impacts the global economy due to its position and power in the world.
READ ALSO-Covid-19: Indian Scientists Develop New Drug to Treat the Virus
However, the independent economy of India not only remains steady but is rising perpetually. The fifth-largest economy, India, under the ruling party Prime Minister Narendra Modi, is out of the danger of the recession faced by most of the nation. The Nifty 50 is surprisingly growing in spite of the US debt news going viral. The Startup India schemes led to the growth of Unicorn startups in India which could have been counted on fingertips, the number is now 107. Make in India project is yet another significant factor of India’s growing economy making India independent and unaffected by global recession. When the top stock price grows up, the Nifty grows, meaning that India’s stock can now be considered the world’s most prominent stock.
While the factors are in favour of India, the future can not be predicted. The same behaviour of India’s economy can however result in FIIs, that is, increasing foreign investment. This can ultimately make India a superpower while the current superpower faces recession. In the next five years, India’s government is aiming to make India the 4th largest economy and since the announcement the factors are majorly favouring India’s dream. There are, still, many other factors that affect a nation’s economy, so future growth predictions are always uncertain, but in a short span of months, Nifty will be able to achieve its all-time high.
READ ALSO- Windfall Tax Cut on Petroleum Crude Benefits The Giants
Amidst the
