India remains the largest economy in the world and its pace is likely to grow even faster in the coming years. This is because Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra has said that India can achieve a growth rate of 10 percent in the next decade. He said that India is overcoming challenges through its energy and changes. In such a situation, India can become the second largest economy in the world by 2032 and the largest economy by 2050.
News agency PTI reported that the Deputy Governor spoke on the topic ‘Indian Economy: Opportunities and Challenges’ at Nomura’s 40th ‘Central Bankers Seminar’ in Kyoto, Japan on March 25.
Indian economy’s growth rate is extraordinary
He further said that India’s recent growth performance has surprised many. For example, the International Monetary Fund (IMF) has raised its forecast for 2023 by 0.8 percent cumulatively between April, 2023 and January, 2024. The IMF expects India to contribute 16 percent to global growth, the second largest share in the world in terms of market exchange rates. According to this measurement, India is the fifth largest economy in the world and is poised to overtake Germany and Japan within the coming decade. The Indian economy is already the third largest economy in the world in purchasing power parity (PPP) terms.
Economy growing at 7.6 percent
Let us tell you, earlier this month, RBI Governor Shaktikanta Das had said that the rate of inflation may increase at the rate of 7.6 percent in the current financial year. At the same time, the Indian economy can grow at the rate of 7 percent in the next financial year.
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