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India to be among fastest growing economies in world this year

Reserve Bank of India (RBI) Governor Shaktikanta Das has expressed confidence that India will be among fastest growing economies in the world in 2023 and would grow at the rate of 6.5 per cent in the current fiscal.

“We expect real GDP to grow by 6.5 per cent during 2023-24. In all likelihood, India will remain among the fastest growing large economies in 2023,” the RBI Governor said while delivering the opening plenary address at the Summer Meetings organised by Central Banking in London.

He said that the Indian economy displayed “exemplary resilience” post-pandemic and rebounded strongly 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, as proactive and coordinated response of fiscal and monetary policies nurtured a quick recovery.

He said that various structural reforms related to banking, digitalisation, taxation, manufacturing and labour, implemented in the last few years, laid the foundation for strong and sustainable growth over the medium and long term.

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