Prime Minister’s Economic Advisory Council (EAC-PM) member Sanjeev Sanyal on Thursday said India’s economic growth performance is “good” and some efforts will be needed to maintain it as concerns over the external environment continue. Which have not gone away completely. Sanyal said that if weather conditions and monsoon remain favourable, it is expected that food prices will also moderate. This would create conditions that would be quite favorable for a growth pace of seven per cent or more, thereby overcoming somewhat uncertain global conditions.
Indian economy better than expected
While talking to news agency PTI, Sanyal said that our current economic growth performance is quite good. Now the work from here will be to maintain it. India’s economy grew by a better-than-expected 8.4 percent in the last three months of 2023, which is the fastest pace in one and a half years. The growth rate in October-December was higher than 7.6 per cent in the last three years and this helped in taking the projection for the last financial year (April 2023 to March 2024) to 7.6 per cent. The Reserve Bank of India (RBI) has estimated the GDP growth rate to be seven percent in the financial year 2024-25.
Crude oil rises due to damage to Russian oil facilities
He said that while we are very confident about the pace of domestic growth in our economy, there are certainly concerns about the external environment which have not been fully addressed. Sanyal said that exports remain very weak and there is no momentum visible in global exports right now. The Prime Minister’s Economic Advisory Council (EAC)-PM member said tensions in West Asia, destruction of Russian oil facilities in Ukrainian attacks and several other factors had recently led to oil prices rising to US$91 per barrel. Reached.
Asked about long-term solutions to high food prices, Sanyal said high food prices are largely not a production problem, but actually a storage problem. On the question related to unemployment in India, Sanyal said that there is a need to create jobs. He emphasized that growth is ultimately the most important solution to unemployment. Sanyal said that therefore it is very important to increase this growth in the next several years. According to a recent report by the International Labor Organization (ILO), more than 80 percent of India’s unemployed class is youth.
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