2023 will see a serious threat of global recession, says IMF.
According to International Monetary Fund chief Kristaline Georgieva, the year 2023 could create a recession for America, European countries, and China. The 10-month-long war between Ukraine and Russia has led to high global inflation and interest rates. Besides, the risk of corona is increasing in China. All these factors could invite a global recession. International companies have already released their employees before 2023, the IMF has given a suggestion that tough times may come in the employment sector and the business sector.
India is moving forward from a self-sustainable idea of "Make in India" with foresight and a foresight that the international economy cannot influence too much. In the year 2014, the idea of "Make in India" was implemented by the Government of India under the leadership of Hon'ble Narendrabhai Modiji. America companies (Cisco, Microsoft, American Express, Coca-Cola, Mc. Donalds, Ford, Goodyear), Japanese companies (Suzuki, Mitsubishi Motors, Yamaha, Toyota, Honda, Nishan), United Arab Emirates (UAE) companies ( Emaar, NPCC, Taka, DP World), German companies (Daimler, Merck, Bayer, Volkswagen, SAP), French companies (Raphael, Saint Gobain, Capgemini, PSA, Schneider Companies like Electronics, Renault) started their production in India. Apart from this, under Start Up India, many things started to be produced in India due to which India does not have to import from outside for India's needs. India is a big market globally, and the central government has been successful in building infrastructure to meet India's needs in India itself. And due to "Swawlambi", "Make in India", and "Start Up India" under the leadership of Hon'ble Naredrabhai Modiji, India's economy will not be much affected by the possible global recession of 2023. But Indian manufacturers and companies will have a bright opportunity to do business globally.
China's growth has slowed down due to Corona, the success of vaccination in India will not be seen in 2022 or future years, but China is also suffering from severe Corona infection, which will surely create a red carpet atmosphere for Indian manufacturers and markets globally.
When recession is looming or likely, producers should first get serious control over their finances. Automation allows manufacturers to reduce labor, unnecessary costs, and resource costs. An entrepreneur should also review whether all the resources can be used sufficiently in the business. Like reducing the period of long term credit extended to customers, cash purchase - cash sale (cash purchase makes raw material available at better prices, while cash sale (cash sale means, payment with delivery to working capital shortage). Any manufacturer / Businessmen have to be serious about their human resources. Satisfied employees increase the profitability of the organization. A lazy employee or a satisfied employee has to be decided by the entrepreneur himself. A satisfied employee is the foundation of any organization's profit.
Professionals and bureaucrats have to continuously improve their skills, knowledge and efficiency. There is a need for good, knowledgeable and qualified employees everywhere. During a global recession, when one company lays off employees, other companies have given good offers to employees with skills, knowledge and efficiency. Hence the bureaucratic class should always keep themselves ready for the challenges of life. Gaining more and more proficiency in new technology, subject knowledge does not matter even in times of recession.
The International Monetary Fund has predicted a global recession in 2023. Due to the strong economic policy of the prevailing central government at this time, there will not be much rush in India, and if every entrepreneur runs his business with the prescribed caution, he can get good business opportunities even in a global recession, and can avoid calamity.
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