World’s Best Economy: Good days are about to come or good days have already come. It depends on many things. For example, what is the condition of inflation in the country, how strong is the country on the employment front, how much the general public is getting the benefits of the facilities provided by the government. There are many other such questions, only after getting the answer, an accurate information can be given about the good days, but at what speed the country’s economy is growing. It can be inferred. Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday expressed confidence that India will be one of the fastest growing economies in the world in 2023, growing at 6.5 per cent in the current fiscal. We expect real GDP to grow by 6.5 per cent during 2023-24, the RBI governor said in the opening remarks at the Summer Meetings organized by Central Banking in London.
Magnificent growth after the pandemic
He said the Indian economy has registered robust growth post the pandemic and made a strong comeback from a contraction of 5.8 per cent in 2020-21 to a growth of 9.1 per cent in 2021-22 and 7.2 per cent in 2022-23. A combined response of fiscal and monetary policies has produced a quick recovery. He said that various structural reforms related to banking, digitization, taxation, manufacturing and labor have been implemented in the last few years, which have laid the foundation for strong and sustainable growth in the medium and long term.
progress due to
He said the government’s continued thrust on capital expenditure is creating additional capacity and nurturing the much-needed revival in corporate investment. Das stressed that the Indian economy has also made rapid gains in opening up and gradually integrated with the global economy over the years. As a result, it is increasingly exposed to global headwinds. However, it is pertinent to note that India’s growth over the past few years has been mainly driven by strong domestic demand, especially private consumption and investment, amid the global slowdown. The RBI Governor further said that being proactive and agile during a crisis gives one the agility to respond swiftly to rapidly evolving developments.