RBI Governor foresees 8 Per Cent GDP Growth For India

RBI Governor Shaktikanta Das affirms that country is moving forward on the path of 8 per cent GDP growth attributed to structural economic reforms such as GST.

Governor Das at the 188th AGM (Annual General Meeting) of Bombay Chamber of Commerce & Industry said, “If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth.”

India’s economic development is still accelerating and may get better in the upcoming months. He also stated that the India is on way to 8 per cent GDP growth.

Das added that there was evident evidence that capital spending by the private sector has accelerated, which should support growth even further.

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He also emphasised India’s role in the global economy’s expansion during the global recession.

“The Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth, i.e., 18.5 per cent of the global growth was driven by India. It is an achievement as it was much lower 7 or 8 years ago and I think the IMF projects this growth to go up,” he said.

According to him, the introduction of the Goods and Services Tax, the Bankruptcy and Insolvency Code, and Flexible Inflation Targeting are the main forces behind this expansion.

In his remark he said, “”GST has the advantage of avoiding the multiplicity of taxes. It is one of India’s biggest structural reforms since 1947.”

“GST collections have touched 1.7 lakh crore in a month and it is in a range of 1.5 to 1.7 lakh crore every month,” he added.

He also underscored that India will become the third-largest economy in the world up from fifth currently.