Reserve Bank of India (RBI) Governor Shaktikanta Das on December 8 highlighted a growing international confidence in India's economy. Notably, international confidence in an economy is crucial for attracting foreign investments, fostering economic growth, and strengthening economic ties with other nations.
“We are seeing a growing international confidence in India's economy,” Das said at the post-MPC (Monetary Policy Committee) press conference in Mumbai.
Earlier, RBI raised its GDP growth forecast for 2023-24 by a huge 50 basis points to 7 percent following the big upside surprise in the July-September data. Announcing the MPC’s rate decision, the RBI chief said the Indian economy is a "picture of resilience and momentum" amid an unsettled global economic backdrop.
Data released on November 30 showed India's GDP growth came in at 7.6 percent in July-September, well above the consensus forecast of 6.8 percent and down only slightly from 7.8 percent recorded in April-June. This has prompted economists to raise their growth forecasts, with the finance ministry too expected to do the same later this month.
Veteran banker and founder of Kotak Mahindra Bank, Uday Kotak, stated on December 2 that India must strive for 8.5 to 9 percent growth. "Looks like India is headed for a 6.5 percent GDP growth, and India must strive for 8.5-9% growth," Kotak said at CNBC-TV 18’s India Business Leader Awards (IBLA) in Mumbai.
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