India's Economic Resurgence: A Bright Spot Amidst Global Challenges
The Indian economy is projected to grow at over 6.5% this year, driven by robust domestic consumption and investment, and showing resilience amidst global economic challenges. RBI's monetary policies have brought inflation within target, while trade negotiations with the US could expand market access for Indian goods.
- Country:
- India
The Indian economy is poised for a robust growth rate of over 6.5% for the current financial year, according to RBI Monetary Policy Committee member Nagesh Kumar. In a recent interview, Kumar highlighted India's economic resilience, driven by strong domestic consumption and investment.
Kumar emphasized that despite global pressures, including high inflation and economic slowdowns in industrialized countries, India's growth momentum is expected to continue, potentially strengthening to 7-7.5% in the coming years. The Reserve Bank of India's projections align with this positive outlook.
In the arena of international trade, Kumar discussed India's proposed Bilateral Trade Agreement with the US, aiming to access the American market, particularly in labor-intensive sectors. Negotiations are ongoing, with considerations around tariff adjustments and potential mutual benefits forming the core of discussions.
(With inputs from agencies.)
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