The global economy has been facing a period of uncertainty, with concerns about a potential recession looming large. Central banks around the world, including the US Federal Reserve and India's Reserve Bank, have been increasing interest rates in an attempt to address these concerns. The ongoing conflict between Russia and Ukraine has led to shortages of resources such as oil, food grains, metals, and pharmaceutical ingredients, causing prices to rise and impacting economies across the globe. European countries, particularly, have been feeling the heat with electricity bills skyrocketing.
While the world fears an economic slowdown, India seems to be bucking the trend. Despite the rising interest rates in the country, the sales of passenger vehicles and residential houses which are considered two of the most important indicators to confirm a recessionary environment have not suffered, and in fact, have been achieving new heights of growth.