The Reserve Bank of India (RBI) in its article has said that unlike the global economy, India would not slow down and maintain the pace of expansion achieved in 2022-23. It mentioned ‘We remain optimistic about India, whatever the odds.’
It said the NSO's end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers. Moreover, it stated even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year.
Besides, it said ‘Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and instead suggest a sequential slowing down through successive quarters of 2022-23 to an unsuspecting reader.’ The article has been authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
