India GDP: Recently, many institutions and rating agencies have released their growth forecasts regarding India’s economic growth rate. In this regard, along with foreign institutions, IMF and World Bank have also expressed the hope that the Indian economy will be the fastest growing economy. In this series, today the former Vice Chairman of NITI Aayog has also expressed his estimation regarding the economic growth rate of the country.
Former Vice Chairman of NITI Aayog Rajiv Kumar gave the forecast
Former Vice Chairman of NITI Aayog Rajiv Kumar on Monday estimated the country’s economic growth rate to be around 6.5 percent in the current financial year. He said that the reforms undertaken by the government led by Prime Minister Narendra Modi in the last nine years are benefiting the country’s macroeconomic situation.
There is a need for economic growth rate of more than eight percent- Rajeev Kumar
Rajeev Kumar also said that India needs an economic growth rate of more than eight percent and the country is capable of doing so. It is necessary to bring the economic growth rate to this level to meet the aspirations of the country’s young population and to create adequate jobs for its workforce.
India’s GDP will remain at 6.5 percent – Rajeev Kumar
He said in the conversation, "I estimate that India’s GDP growth rate will be 6.5 percent in the financial year 2023-24. I think we can easily maintain this growth rate for the next few years." India’s GDP growth rate was 7.2 percent in 2022-23, which is less than 9.1 percent in 2021-22.
Reserve Bank of India has also given similar estimates
According to the estimates of the Reserve Bank of India, India’s GDP growth rate in the current financial year may be 6.5 percent. Rajeev Kumar further said that India’s current account deficit is manageable and the country’s foreign exchange reserves are enough to meet about 11 months of imports and foreign direct investment continues.
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