Time for corporate sector to come forward in a big way to step up investments: RBI Guv Das
Business | September 05, 2024 12:39 ISTDas also stressed on improving female labour force participation in India as it is lower than global average
Das also stressed on improving female labour force participation in India as it is lower than global average
India was the 10th largest economy with a GDP of USD 1.9 trillion a decade ago, but now it stands as the 5th largest at USD 3.7 trillion.
S&P forecasted that India will achieve 7 per cent GDP growth in 2026-27 fiscal and the growth rate will propel the county to become the third-largest economy. India currently is the fifth largest economy in the world behind the US, China, Germany and Japan.
The PM acknowledged that the country has been facing inflation but added that his government is working hard to minimise the burden of sky-rocketing prices.
World Bank President Ajay Banga, who is on India's visit to participate in G20 meet, hailed the Indian economy saying India is doing a lot of things to stay ahead during the global slowdown.
Sitharaman lambasted the Western media which has a tendency to document only inimical happenings to create an atmosphere of anxiety among the business fraternity.
Despite this, the World Bank report said India was one of the fastest-growing economies in the world despite significant challenges remaining in the global environment.
IMF on Indian economy: According to the projection, growth in India is set to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds.
Another official of the RBI said users of Central Bank Digital Currency in the retail segment will reach 50,000 by the end of this month.
If the forecast comes true, India's GDP growth will be lower than Saudi Arabia's expected 7.6 per cent expansion.
Global Trade Research Initiative's report suggested that Indian exports may not be as impacted as other large economies by weak global demand in 2023.
The former RBI chief noted that the per capita income will have to be at a minimum of USD 13,205 and the economy should have to maintain strong growth of between 8 to 9 per cent in order to achieve the goal.
Imports during the month, however, grew by 5.44 per cent to USD 59.35 billion as against USD 56.29 billion in September 2021, the data showed.
In 2021-22, the country received the "highest ever" foreign inflows of USD 83.6 billion.
In its Global economic Outlook-March 2022, Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth and push up inflation.
As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Friday, a growth is witnessed across sectors.
India's economy is expected to see a swift recovery from the impact of the second wave of COVID-19 as lockdowns were largely designed to limit social gatherings and did not affect economic activities much.
Speaking on the performance of the bank in FY21, he said that although the last fiscal was an exceptionally challenging year for the entire world, the state-run bank was able to function against all odds with minimal disruption for the customers.
One of the key drivers of economic recovery has been investment, he said, with some countries like the U.S. seeing only a 1.7 per cent drop in investment last year while some developed countries saw investment drop by 4 per cent of GDP or even more.
Lok Sabha Speaker Om Birla on Saturday said India's economy was witnessing rapid revival after the slowdown due to the coronavirus outbreak and lockdown.
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