Unlike global economy, India would not slow down: RBI article
The NSO's end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers, it said.
Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, it said.
"Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and instead suggest a sequential slowing down through successive quarters of 2022-23 to an unsuspecting reader," said the article.
The article has been authored by a team led by RBI Deputy Governor
The authors further said India's real GDP can go up from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore against the current projection of Rs 169.7 lakh crore in 2023-24.
"This is simple arithmetic; hardly a hurray at half-time. Also, unlike the global economy, India would not slow down - it would maintain the pace of expansion achieved in 2022-23. We remain optimistic about India, whatever the odds," the article said.
Currently available forecasts of India's real GDP growth for 2023-24, including those of the RBI, settle between 6 and 6.5 per cent.
The central bank said that views expressed in the article are those of the authors and do not represent the views of the
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