Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday that the nation is expected to continue to be one of the fastest-growing economies in 2023. India’s monetary development in the next couple of years is chiefly determined by robust domestic demand, he said.
The governor of the RBI stated that the Indian economy had experienced rapid growth and had gradually integrated into the global economy over time. The remarks were made by the governor of the RBI at the opening plenary address of the Summer Meetings, which were held today in London, UK, and were hosted by Central Banking.
He stated that all banks satisfy the various prudential requirements based on the most recent supervisory data. “…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.
Das anticipated a 6.5% increase in India’s real GDP for the years 2023 and 2024. “In all likelihood, India will remain among the fastest-growing large economies in 2023,” he added.
The National Statistical Office (NSO) recently released preliminary estimates that showed real GDP growth of 7.2% for 2022–2023, which was higher than the projected 7%.
India is expected to be one of the fastest-growing economies in 2023 and 2024, supported by robust growth in private consumption and sustained pick-up in private investment, despite strong global headwinds and tighter domestic monetary policy.
Furthermore, Das stated that the most recent supervisory data indicates that all banks satisfy the various prudential requirements when discussing regulatory and supervisory initiatives.
He continued, “Stress tests also indicate that even in severe stress conditions, Indian banks will be able to meet the minimum requirements.”
