India

Economic Growth In Next Fiscal Year To Go As High As 7%, Says RBI Chief

Shaktikanta Das, the governor of the Reserve Bank of India, predicted on Wednesday that the economic growth of India will be at a rate of 7% in the upcoming fiscal year and that inflation would probably decline.

Administration credited for the economic growth

Additionally, he gave the administration credit for the structural changes that have been made recently, stating that they have improved the Indian economy’s medium- and long-term development prospects. He claimed that India shows signs of stability and prosperity in the face of a difficult global macroeconomic climate.

Speaking at a CII session titled “High growth, low risk: The India story” at the World Economic Forum Annual Meeting, Das stated that while growth is still modest, recent data on the state of the global economy has been encouraging, with inflation declining.

“Chances of soft landing have improved and markets have reacted positively. However, geopolitical risks and climate risks remain matters of concern,” he said.

Also Read: Arvind Kejriwal To Make A Visit To Shree Ram Mandir With his Entire Family

7.2% real GDP growth anticipated

According to the governor of the RBI, 7.2% real GDP growth is anticipated in India this year.

“With strong domestic demand, India remains the fastest growing major economy… We have emerged stronger out of the recent spate of global shocks,” he noted.

Das continued by saying that the country’s strong foreign exchange reserves make managing the external balance easy. “Headline inflation has substantially eased from highs of summer of 2022. This shows that our monetary policy action and rebalancing of liquidity is working.”

“Core inflation has also gradually and steadily moderated, while proactive supply-side interventions by the government have also played a key role in handling food price shocks,” he said.

According to Das, the average CPI inflation rate for the upcoming year is expected to be 4.5%, and the RBI is dedicated to meeting the 4% target as soon as possible. “We expect the Indian economy to grow by 7 per cent in 2024-25,” he said. The government has given the Reserve Bank of India the mandate to guarantee that retail inflation stays at 4% with a margin of 2% on each side.

Srishti Verma

Recent Posts

Survey Shows Over 88% Indians Trust PM Modi On National Interest & Security

A recent News18 survey reveals that more than 88 per cent of Indians trust Prime…

32 seconds ago

PM Modi: NDA Government Has Redefined Women-Led Development Over 11 Years

Marking 11 years of the NDA govt at the Centre, PM Modi stated that women-led…

32 mins ago

Team India Begins Training In England Ahead Of Test Series Opener

Team India, led by new captain Shubman Gill, has commenced training in England ahead of…

55 mins ago

Five Districts In Manipur Face Internet Shutdown Following Unrest

Manipur suspended internet in five districts for five days after protests over arrest of a…

3 hours ago

Shashi Tharoor Criticises Pakistan: “In Pakistan You Get Rewarded For Promoting Terrorism”

Shashi Tharoor condemns Pakistan’s treatment of Dr Shakil Afridi, who helped the US locate Osama…

4 hours ago

How To Read Food Labels & Make Smarter Grocery Choices

Reading food labels helps you make informed, healthier choices by understanding nutrition facts & picking…

4 hours ago