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India to continue to clock highest growth rate among top five economies in world: Finance secretary

25 Aug 2023 Evaluate

Finance secretary T V Somanathan has said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in making India the biggest opportunity. India is currently the fifth largest economy in the world. The top four are US, China, Japan and Germany. India’s rate of growth by any measurement is much faster than the top four. 

Somanathan said ‘… in terms of the size of opportunity, India is arguably the biggest development opportunity of the future because we are large and we are growing faster than the other large economies’. The Indian economy grew at the rate of 7.2 per cent in 2022-23 and economists peg GDP growth to be in the range of 6-6.5 per cent in the current fiscal (April-March). He said there are three channels through which diaspora can influence - fund flow, trade and knowledge.

He said ‘If we do the right things, and we are doing the right things right now, then you can be a catalyst and a strong accelerator in what India can achieve’, and added that in India’s present stage of development knowledge transfer would be increasingly important. India is the biggest country in terms of population and all challenges are of mega size. India is facing the challenges and we have the ability to tackle them.

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