India’s economic growth in the past few years is mainly driven by robust domestic demand and the country will continue to remain among the fastest-growing large economies in 2023, said Reserve Bank of India Governor Shaktikanta Das.
RBI Governor said the Indian economy had made rapid gains and has gradually integrated with the global economy over the years. RBI Governor made the remarks at the opening plenary address of Summer Meetings organised by Central Banking, London, UK today.
“…India’s growth in the last few years is mainly driven by robust domestic demand, especially private consumption and investment, amidst the global slowdown,” he said at the event, whose excerpts were shared by the RBI.
For 2023-24, Das expects India’s real GDP to grow by 6.5 per cent. “In all likelihood, India will remain among the fastest growing large economies in 2023.”
As per the provisional estimates released by the National Statistical Office (NSO) recently, real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected.
Despite strong global headwinds and tighter domestic monetary policy tightening, various international agencies have forecasted India to be one of the fastest-growing economies in 2023-24, supported by robust growth in private consumption and sustained pick-up in private investment.
Further, speaking about regulatory and supervisory initiatives, Das said the latest supervisory data indicates that all banks meet the various prudential requirements.
“Stress tests also indicate that even in severe stress conditions, Indian banks will be able to meet the minimum requirements,” he added.