India in the second quarter of this year will become the fastest growing economy in the world. India's GDP growth will reach 15.2%. In the first quarter, the figure was 4.1%, Reuters reported referring to the research.

But the country will not be able to maintain such high growth rates, experts are sure.

"India likely recorded strong double-digit economic growth in the last quarter but economists polled by Reuters expected the pace to more than halve this quarter and slow further toward the end of the year as interest rates rise. Asia’s third-largest economy is grappling with persistently high unemployment and inflation, which has been running above the top of the Reserve Bank of India’s tolerance band all year and is set to do so for the rest of 2022," the experts added.

While India remains the fastest growing major economy, domestic consumption may not be strong enough to drive further growth. Unemployment remains high and real wages are at record lows, Societe Generale's India economist told Reuters.

India's economy has not grown fast enough to accommodate the 12 million or so people who join the labor force each year, Reuters notes.

“Even as India remains the fastest-growing major economy, domestic consumption will perhaps not be strong enough to drive growth further as unemployment remains high and real wages are at a record low level,” said Kunal Kundu, India economist at Societe Generale.

“By supporting growth through investment, the government has only fired on one engine while forgetting about the impetus which domestic consumption provides. This is why India’s growth is still below its pre-pandemic trend.”