ANI | Updated: Jun 13, 2023 17:34 IST
New Delhi [India], June 13 (ANI): 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. (ANI)
FAQs
India to remain among fastest growing large economies in 2023: RBI Governor? ›
India to remain among fastest growing large economies in 2023: RBI Governor. 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.
What will be the rank of India in economy 2023? ›According to the World GDP Ranking 2023, India is the fifth-largest global economy. Significant countries, such as the United States of America, China, Japan, and Germany, also hold prominent positions on the GDP Ranking list.
Is India among the fastest growing economy? ›India is likely to grow at 6.7 per cent for the next three years, retaining its tag as the fastest-growing major economy, said S&P Global Ratings. S&P Global Ratings has said that India will remain the fastest growing economy among Asia Pacific nations.
Which are the fastest growing states in India by RBI? ›Gujarat, Karnataka, Haryana are top 3 fastest growing major state economies - Here's the complete list of top 10 states | Economy News, Times Now.
Who has the strongest economy in the world 2023? ›The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.
Which sector is growing fast in India 2023? ›| Sector | FY 2023 Returns (%) |
|---|---|
| FMCG | 26.50 |
| Automobiles | 16.03 |
| Private Banks | 11.93 |
| Logistics | 9.74 |
According to a forecast by investment bank Goldman Sachs, India will overtake the United States as the world's second largest economy by 2075. The report said that the main downside risk for India's economic growth would be if the labour force participation rate does not increase.
When India will become 3rd largest economy? ›"The path taken by India since 2014 reveals that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023, a movement of seven places upwards since 2014 when India was ranked tenth and two years earlier than our previous forecast of 2029," said SBI's ...
Will India grow faster than China? ›Moreover, India's real GDP growth will be over 2 percentage points higher than China's every year over our forecast horizon.
What makes India the fastest growing economy? ›GDP growth surprised by coming in significantly higher than expected for the fourth quarter, taking the full-year number to 7.2 percent in 2022–2033. Growth was led by higher-than-expected agriculture growth and strong growth in services.
Is India the strongest economy? ›
The nation is the fifth largest economy after the U.S., China, Japan, and Germany. It is expected to overtake both Japan and Germany to clinch the third spot in 2027 (FY28), according to estimates by the International Monetary Fund. India is already the third largest economy by purchasing power parity.
Which state is strong in India? ›Maharashtra has the highest Gross State Domestic Product (GSDP) in India, at over $400 billion. The state is renowned for its agricultural and industrial endeavors. Mumbai, India's largest metropolis and a significant hub for trade and finance, is located in this state.
Which state is richest in India? ›- Jul 21, 2023, 02:26 PM IST. Top 10 richest states of India. ...
- Maharashtra. With a gross state domestic product (GSDP) of Rs 31.98 lakh crore (USD 430 billion) in 2021–2022, Maharashtra has India's largest state economy.
- Tamil Nadu. ...
- Gujarat. ...
- Uttar Pradesh. ...
- Karnataka. ...
- West Bengal. ...
- Rajasthan.
As per Oxford Economics' analysis, Bengaluru is expected to grow by more than six per cent in 2023. Not just Bangalore, Hyderabad too is expected to see similar kind of growth in 2023. The two South Indian cities have attracted several investments in the manufacturing, and information and communication sectors.
Which country has the highest GDP growth rate in 2023? ›The United States is the largest economy in the world, which is expected to grow by 1.1% in 2023. China's GDP growth is forecasted at 5.3%, while Europe's economies are projected to grow by a mere 0.9% this year.
What is the future of the world economy in 2023? ›Global GDP growth in 2023 is projected to be 2.7%, the lowest annual rate since the global financial crisis, with the exception of the 2020 pandemic period. A modest improvement to 2.9% is foreseen for 2024.
What are the top economic trends for 2023? ›We expect Treasury yields could decline modestly in the second half of 2023. Even though inflation has moderated in recent months, it remains uncomfortably high, and we expect the Fed will be on hold after one more 25bp hike through 2Q24.
Which is the fastest growing economy in 2024? ›India first, THEN China...: Latest OECD report bets BIG on India; to remain fastest growing economy for years 2023-2024 | Details.