It has been said in the article that in 2023-24 India’s real GDP can go up to Rs 170.9 lakh crore. (file)
Mumbai:
Unlike the global economy, India will not slow down and will maintain the pace of expansion achieved in 2022-23, an RBI (Reserve Bank of India) article said on Tuesday.
“We remain optimistic about India, notwithstanding the headwinds,” said the article on the state of the economy published in the March edition of the Reserve Bank Bulletin.
Data released at the end of February by the NSO indicated that the Indian economy is intrinsically better positioned to weather a challenging year than many parts of the world, largely on its demonstrated resilience and domestic drivers. Because of dependency, it said.
Even as global growth looks set to slow or enter recession in 2023, as global financial markets place bets, India has emerged stronger from the pandemic than initially thought There has been a steady increase in momentum since the quarter. Said this.
“The year-on-year growth rates do not reflect this pick-up of momentum because by construction they are saddled with statistical base effects, and instead suggest an unintended reader slowing through successive quarters of 2022-23.” Give,” said the article.
The article has been written by a team led by RBI Deputy Governor Michael Debabrata Patra.
The authors further said that India’s real GDP could increase from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore in 2023-24 against the current estimate of Rs 169.7 lakh crore.
“It’s simple arithmetic; hardly a storm in half the time. Also, unlike the global economy, India will not slow down – it will maintain the pace of expansion achieved in 2022-23,” the article said.
Currently available forecasts of India’s real GDP growth for 2023-24, including those of the RBI, range between 6 and 6.5 per cent.
The central bank said that the views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India.
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