Mumbai: India can become the second largest country in the world. economy the largest in seven years and by 2060, reserve Bank of India Deputy Governor Michael Patra Said.
“Given our inherent strengths and resolve to achieve aspirational goals, it is possible to envision India becoming the world’s second largest economy in the next decade, not by 2048, but by 2031, and the world’s largest economy by 2060,” Patra said, speaking at the Lal Bahadur Shastri National Academy of Administration in Mussoorie on July 9.
According to Patra, the 'era of China' began in the early 1990s, establishing it as the world's second-largest economy. “From 2010 onwards, India's time has come. Several forces are coming together to propel India forward and take its rightful place as a world leader in the next two-three decades,” he said.
Patra said that India Development This will be driven by several key factors. First, investment – which has historically been driven by domestic savings – is stabilising and showing signs of picking up. This is being complemented by a modest current account deficit and manageable external debt. Second, effectively achieved macroeconomic and financial stability. monetary policy And inflation control strengthens growth prospects. The improving health of the banking sector and ongoing fiscal consolidation add further stability. Third, India's favourable demographics, with a young and growing workforce, promise sustained growth.
Regarding internationalisation of rupee, Patra said that to achieve this goal there is a need to keep inflation under control and bring it at par with the global level.
“Given our inherent strengths and resolve to achieve aspirational goals, it is possible to envision India becoming the world’s second largest economy in the next decade, not by 2048, but by 2031, and the world’s largest economy by 2060,” Patra said, speaking at the Lal Bahadur Shastri National Academy of Administration in Mussoorie on July 9.
According to Patra, the 'era of China' began in the early 1990s, establishing it as the world's second-largest economy. “From 2010 onwards, India's time has come. Several forces are coming together to propel India forward and take its rightful place as a world leader in the next two-three decades,” he said.
Patra said that India Development This will be driven by several key factors. First, investment – which has historically been driven by domestic savings – is stabilising and showing signs of picking up. This is being complemented by a modest current account deficit and manageable external debt. Second, effectively achieved macroeconomic and financial stability. monetary policy And inflation control strengthens growth prospects. The improving health of the banking sector and ongoing fiscal consolidation add further stability. Third, India's favourable demographics, with a young and growing workforce, promise sustained growth.
Regarding internationalisation of rupee, Patra said that to achieve this goal there is a need to keep inflation under control and bring it at par with the global level.