RBI Governor: India’s Economic Growth to Continue at a Rapid Pace in 2023

According to Reserve Bank of India (RBI) Governor Shaktikanta Das, India’s economic growth in recent years has been primarily driven by strong domestic demand, particularly in terms of private consumption and investment. He expressed confidence that India will continue to be one of the fastest-growing major economies in 2023. Governor Das made these remarks during his opening plenary address at the Summer Meetings organized by Central Banking in London, UK.

Governor Das expects India’s real GDP to grow by 6.5% in the fiscal year 2023-24. He stated that India’s growth has been resilient despite global economic challenges and tighter domestic monetary policies. Notably, international agencies have also predicted that India will experience robust economic growth in 2023-24, supported by strong private consumption and increased private investment.

Governor Das also highlighted the regulatory and supervisory initiatives taken by the RBI. He mentioned that the latest supervisory data indicates that all banks in India meet the necessary prudential requirements. Stress tests conducted on Indian banks indicate their ability to meet minimum requirements even in severe stress conditions.