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India
18.01.24 15:35
Economics

The Indian economy is expected to grow by 7.3 per cent in the current financial year

This was stated by the Reserve Bank of India Governor at the World Economic Forum in Davos

Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted that the Indian economy is expected to grow by 7.3 per cent in 2024 financial year, according to the first preliminary estimates. It was said at the meeting on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.

Das admitted that the growth rate of the Indian economy will continue the next year. He said that this prediction is based on the results of the in-house research and analyses. Das added that after contracting by 5.8 per cent in in fiscal year 2021, the Indian economy grew by 9.1 per cent in 2022 fiscal year and by 7.2 per cent in 2023 fiscal year.

He said that inflation is under control, within the prescribed range, which is between two and six per cent. Das also added that RBI strives to bring inflation down to the target of four per cent.

Apart from this, the Reserve Bank of India Governor said that now it is a favourable time to invest in the country. In his opinion, the international community has confidence in India, its growth prospects and macroeconomic and financial sector stability.

Das emphasised that the Indian banking sector has made a significant recovery. He said that RBI has taken many steps to improve governance in public and private banks and to strengthen regulation of non-banking financial companies. This is reported by the official website of the Government of India.

Photo: IStock

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