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Indian Economy: Trust of the Chief Economic Advisor, India will continue to grow at the rate of 7% in the current decade

Indian Economy: In the current decade, the Indian economy will continue to grow at the rate of 7 percent annually. At the same time, in the current financial year 2022-23, the economic growth rate is estimated to be 7 percent. This confidence has been expressed by the country’s Chief Economic Advisor V Anant Nageshwaran. He has attributed this to the ill-effects of the Kovid epidemic and the situation arising after Russia’s attack on Ukraine.

Chief Economic Adviser while addressing the Global Fintech Fest event said that India has recently managed to become the 5th largest economy in the world, leaving behind the UK. Which is a big achievement but this achievement is not surprising. He said that when we are going to enter 2023, then in this decade, the Indian economy will continue to grow at the rate of 7 percent. In fact, in the Economic Survey that was presented this year, it was estimated that the economic growth rate would be 8 to 8.5 percent in 2022-23.

The RBI has projected a GDP growth rate of 7.2 percent in 2022-23. GDP in the first quarter of the current financial year stood at 13.5 per cent, which is lower than the RBI’s estimate of 16.2 per cent. In the last financial year 2021-22, there was a GDP growth rate of 8.7 percent.

V Anant Nageshwar said that the government is now shifting its full focus from financial inclusion to financial empowerment and in the current decade the emphasis will be on ensuring access to financial services like credit and insurance to the people. The Chief Economic Advisor said that the government is working closely with Singapore and the United Arab Emirates (UAE) with the intention of reducing the charge on remittances to almost zero. He said that this step will benefit the Indians living abroad.

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