IMF has reduced India’s economic growth rate forecast for the current financial year from 6.1% to 5.9%.
New Delhi:
Despite high crude oil prices and rising geopolitical tensions, the Indian economy will grow at a rate of around 6.5 percent in the current financial year (2023-24). NITI Aayog member Arvind Virmani has expressed this opinion. Arvind Virmani said that he does not think that US and European Banking Crisis will have any impact on India’s financial sector. .
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He said, “I have reduced my India’s economic growth rate forecast for 2023-24 by half a percentage point because of all the changes that have taken place in the last year.” will increase at the rate of It can be half a percent up or down.
The World Bank and the Asian Development Bank have recently estimated that the Indian economy will grow at a rate of 6.3 to 6.4 percent in the current financial year due to a slowdown in consumption and challenging external conditions. The International Monetary Fund (IMF) has also reduced India’s economic growth forecast for the current financial year from 6.1 percent to 5.9 percent. However, despite this, India will remain the fastest growing economy in the world.
On the flexible inflation targeting of the Reserve Bank of India (RBI), Virmani said, “We should be like the US Federal Reserve, which has an inflation target, but also takes into account GDP.” The government has given the central bank a target of keeping retail inflation at 4 per cent (two per cent up or down).
Asked whether India can replicate the economic success that has made China the center of the world economy and global power, Virmani said he does not think any other country will now be allowed to have unfair trade policies that China has been doing it. He said, “I estimate that if China had not adopted unfair trade policies, its growth would have been one-third less.” India could have achieved a growth rate of 6.5 to 7 percent without such policies.
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