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Despite Global Headwinds, Indian Economy Can Grow At 7% In FY24: RBI Bulletin

A team headed by RBI Deputy Governor Michael Debabrata Patra wrote the article, however, the Reserve Bank of India stated that the views expressed in the article are those of the writers and do not reflect the Reserve Bank of India's views

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Unlike the global economy, India will not slow down and maintain the rate of growth attained in 2022-23, according to an RBI article published on Tuesday.

“We remain optimistic about India, whatever the odds,” said a March issue of the Reserve Bank bulletin piece on the state of the economy.

According to the NSO's end-of-February statistics, the Indian economy is intrinsically better positioned than many other areas of the world to face a challenging year ahead, owing to its demonstrated resilience and reliance on domestic drivers.

Even though global development is expected to slow or even enter a recession in 2023, India has emerged from the pandemic years stronger than previously believed, with a steady gathering of momentum since the second quarter of the current fiscal year, it said.

“Year-on-year growth rates do not reflect this pick-up in pace because they are burdened with statistical base effects and instead suggest to an unsuspecting reader a sequential slowing down through successive quarters of 2022-23,” according to the article.

A team headed by RBI Deputy Governor Michael Debabrata Patra wrote the article.

According to the authors, India's real GDP could rise from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore in 2023-24, up from the current estimate of Rs 169.7 lakh crore.

“This is straightforward arithmetic, hardly a hurray at half-time. In addition, unlike the global economy, India will sustain the rate of expansion achieved in 2022-23. Regardless of the odds, we remain optimistic about India,” the article stated.

Forecasts of India's real GDP growth for 2023-24, including those of the RBI, currently range between 6 and 6.5 per cent.