The Indian economy remains in the process of recovery driven by endogenous factors in FY 2021-2022，with its GDP set to overtake that of the UK for the first time in 2022 to become the world’s fifth largest economy. Inflation in India was significantly higher in the first three quarters of 2022 than in the same period a year earlier，with the consumer price index（CPI）growing at an average of 6.9% year-on-year from January to September，significantly higher than the average of 5.2% in the same period in 2021. The stock market ends its trend upward after a big drop under the epidemic shock and is characterized by a decline in the first half of the year and a rebound and high shocks in the second half of 2022. Unemployment is relatively flat. Fiscal budget spending rises，deficit and debt pressures increase，and monetary policy turns tighter to curb inflation，capital outflows，and currency devaluation risks. India’s GDP will overtake that of the UK for the first time in 2022 and India will replace the UK as the world’s fifth largest economy. The supply side and demand side have good support for India’s economic growth in the coming year，but the prolongation of the Ukraine crisis，the impact of the Federal Reserve’s sharp interest rate hike on the exchange rate，capital flows，commodity prices and financial markets，uncertainty about the direction of the epidemic，and the supply chain security of important products such as chips，are still potential challenges affecting India’s economic growth in the coming year. Taking all factors into account，India’s real GDP growth rate is expected to be around 6.7% in FY2022-2023 and is expected to be around 6.3% in FY2023-2024.