Slowdown spread from US to Europe, what did RBI say on India's pace? - Newztezz Online

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Wednesday, March 20, 2024

Slowdown spread from US to Europe, what did RBI say on India's pace?

India can maintain the GDP growth rate of 8 percent or even surpass it. In the March bulletin on the state of the economy released on Tuesday by the Reserve Bank of India (RBI), it has been said that the country's favorable economic environment can become the basis for further increasing the growth rate.

Signs of recession can be clearly seen in China, America, Europe, Africa and other countries. For the growth of the global economy, it is very important to increase the growth of China, America and big countries of Europe. Even Japan has made efforts to increase its growth. This is the reason why a country like Japan had to increase interest rates after 17 years. On the other hand, the whole world is amazed by the speed of India's economy.

The estimate made this time by the country's central bank, the Reserve Bank of India, is really surprising. RBI has said in its report that the country's economy may grow by more than 8 percent in the coming days. These figures appear big at present because the growth of other big countries of the world is not increasing more than 4 and maximum 5 percent. Let us also tell you what RBI has said in its report?

RBI presented report

India can maintain the GDP growth rate of 8 percent or even surpass it. In the March bulletin on the state of the economy released on Tuesday by the Reserve Bank of India (RBI), it has been said that the country's favorable economic environment can become the basis for further increasing the growth rate. The country's economic growth rate has averaged more than eight percent in the period 2021-24. The article, written by a team led by RBI Deputy Governor Michael Debabrata Patra, said the global economy is losing momentum, with growth slowing in some of the strongest economies and high-frequency indicators. This is indicating that things will become more sluggish in the times to come.

Because of this there may be a rise

India's real GDP growth in the October-December quarter of 2023-24 was the highest in six quarters. This growth has been achieved due to strong pace, better indirect tax collection and reduction in subsidies. The article says that structural demand and strong balance sheets of companies and banks will play a role in giving further impetus to growth going forward. It said that the world is facing major changes in structure and perception. These are either underway or about to arrive. The article says that there is uncertainty in the environment, which has increased due to geopolitical and weather related risks.

India can maintain momentum

It said that on the contrary, the Indian economy is experiencing a favorable macroeconomic environment which could be the basis for accelerating its growth path. The authors of the article said that the growth rate has been above eight percent on average in the period 2021-24. ...and the underlying fundamentals suggest it can be sustained and driven higher. Recently many foreign firms have been quite optimistic on India's economy. Some have even called India the engine of the global economy. Besides, the reforms made to improve India's economy have also been praised. On the other hand, the Prime Minister has set the target of making India a developed country by 1947.

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