Wednesday, February 21, 2024

World’s confidence in India increased, growth rate expected to be above 7 percent

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reserve Bank of India

India’s economy is emerging rapidly in the world. The effect of which is that the world’s trust in India is increasing. Recently, Reserve Bank Governor Shaktikanta Das also said this in the annual meeting of the World Economic Forum in Davos. During the meeting, Shaktikanta Das talked a lot about India’s economic growth. Das said that the Indian economy can grow at the rate of seven percent in the next financial year 2024-25. But NSO has increased it further. According to NSO, India’s growth rate is expected to be above 7 percent. Besides, inflation is expected to continue to moderate.

increasing international trust

Shaktikanta Das further said, international trust in India is at an all-time high. RBI’s growth estimate for the current financial year was 7%. NSO (National Statistical Office) has said 7.3%. So, when we said 7% for the current year, there were a lot of opinions outside that RBI was overestimating. But in reality, NSO has asked for 7.3% for the current year and 7.3% for FY 2024-25.

Due to this the growth rate increased

Das has said that the structural reforms undertaken by the government in recent years have boosted the medium and long-term growth prospects of the Indian economy. Amid the challenging global macroeconomic environment, India is setting an example of growth and stability. On the global economic front, inflation has declined, but the growth rate remains low, he said at the CII session on ‘High Growth, Low Risk India Story’ organized during the annual meeting of the World Economic Forum.

Das has said that there is a possibility of progress without any hindrance and the markets have responded positively. However, international risks and climate risks remain. RBI Governor said that India’s GDP growth rate is expected to be 7.2 percent in the current financial year.

India is growing rapidly

He said that with strong domestic demand, India remains the fastest growing major economy. We have emerged stronger from the recent global shocks. Das further said that external balance can be easily managed with strong foreign exchange reserves. He said that headline inflation has come down significantly from the high level of summer 2022. This shows that our monetary policy actions and liquidity rebalancing are having an impact.

The economy will remain like this in 2024-25

The RBI Governor said that core inflation has also declined sequentially, while the government’s active supply-side interventions have also played an important role in cushioning the food price shock. Das expressed hope that the average consumer price index-based inflation next year will be 4.5 percent and the RBI is committed and confident of achieving the target of four percent as soon as possible. He has said that we hope that the Indian economy will grow at the rate of seven percent in 2024-25. The government has given the responsibility to the Reserve Bank of India to keep the retail inflation at four percent with a variation of two percent.

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