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2023 will be a year for Indian economy to strengthen its position on global stage, says RBI.
Jan 20, 2023
This will be a year for the Indian economy to strengthen its position on the global stage while the rest of the world grapples with an impending recession, war and inflation, the Reserve Bank of India (RBI) said in its report on the state of the economy.
The distinction of being the most populated country with a sixth of the world's working population could only lift the prospects for the economy to surpass Germany and Japan by 2027, the central bank said, citing a forecast by the International Monetary Fund.
'In closing, 2023 may well be the opening ajar of a window in which India’s time on the world stage is arriving,' the RBI said in its commentary, which is a part of the bank's monthly bulletin.
In April 2023, India’s population will be the largest in the world, projected at 1.4 billion. 'With a median age of 28, this is India’s chance to seize the demographic dividend and herald its emergence as an economic powerhouse of the future,' the RBI said.
India will be a $3.7 trillion economy in 2023, maintaining its lead over the UK as the fifth largest economy of the world.
'Even diehard disparagers acknowledge that ‘India has a compelling story – a vibrant IT-services industry, a burgeoning domestic tech economy, an increasingly attractive location for global manufacturers, and strong economic growth’,' said the report, prepared by the central bank’s economic research department.
The RBI, however, said that the views expressed in the report are of its authors and not of the bank.
India’s macroeconomic stability is getting stronger with inflation, measured by the consumer price index, remaining below the 6% upper tolerance band for the last two months. Lead indicators also suggest that the current account deficit is on course to narrow through the rest of the 2023.
India is also striving to build a global manufacturing hub and become a preferred habitat for companies to shift their production bases.
'Amid the ongoing megatrends, India would have a significant advantage owing to strong domestic demand, digitalisation, largest talent pool globally, financial inclusion, global competitiveness and sustainability transition,' EY, one of the leading professional services organisations, had said earlier this week.
The RBI report said that the objective during 2023 would be to tether inflation and fiscal consolidation at both central and sub-national levels.
economictimes.indiatimes.com
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