Jobaaj Stories
Index:
1. RBI says Indian Economy is Recovering. 2. The effect of the withdrawal of ₹2000 3. Improvement in External Trade
India comes amongst the fastest-growing economies in the world today. Despite the revised forecast by the world bank, it’s believed that India’s growth is resilient and will quickly overcome.
Auguste Tano Kouame, director of the world bank in India has stated that India will continue to be the fastest-growing economy in the world.
India aims to become an upper-middle-income country by the end of the year 2030 and a developed economy by 2047. But the real question here is, will it be able to stand on it’s own expectations?
Mr. Kouame has said that for completing the economic want of the nation, it will have to grow by 8% and ensure that small firms have access to finance and enough capital, good labor, and labor market reforms. He has also appreciated the country’s way of promoting green finance which he hopes to see in the private sector as well.
Following these years Indian economy has faced lots of ups and downs. This urges us not to forget that it may not happen further also.
You cannot miss these important updates highlighting the current growth of Indian Economy!
Also, Read What Indian Wholesale Price Index depicts?
RBI says Indian Economy is Recovering
Nations are recovering at a promising rate since the outburst of the global pandemic. It is evident that since 2020, many economies faced a gradual fall and are still in a state of recovery since COVID-19.
With people going back to work and setting themselves in the new normal work cultures, Economies also need to go back to the state of normalization. As per RBI, Indian Economy is recovering. The past few years have brought India to a state of economic fallout considering the pandemic and war in Ukraine.
According to some experts, there should be low and stable pricing for a better economy that can strengthen foundations and resilience for recovery.
However, As per the data of the first quarter, it’s noted that the magnitude of negative momentum is much less than what was two years back, Q1 in FY2022-23, was noted (-)4.1 percent and Q1 in FY2021-22 was noted (-)11.9 percent.
The effect of the withdrawal of ₹2000
After about 7 years of issuing new notes and declaring demonetization, RBI's sudden decision to withdraw ₹2000 notes is currently in circulation.
But the question is, Will it impact the Indian Economy?
Also, Read Impact on Purchase of Gold due to current demonetisation
As per experts and economists, The effect of withdrawal of ₹2000 currency will be very nominal on the nation. It is estimated that the pink bills made up just 10.8% of the total currency in circulation.
As per RBI, the institution paused the production of ₹2000 notes in 2019. ₹2000 only came only to curb the need for currency in 2016. As per sources, the Government stopped manufacturing ₹2000 notes long before.
Improvement in External Trade
With its immense growth, India is making a mark on the world. According to Piyush Goyal, while addressing the CII's Annual Session 2023, India is all set to meet expectations with its focus on quality, innovation, and talent.
The past few months have already shown how leading brands are investing in the country with a belief in the nation. Piyush Goyal also mentioned that various countries around the world are interested in negotiating free trade agreements with the nation. This shows how important India is around the world, including Canada, the UK, and the EU.
New India engages with the world and shows its strength by believing in its abilities.
India is on its way to making a position amongst the developed countries in the world. If things go according to what has been decided by ministers and NITI Aayog, India will be a developed nation by 2047, its 100th independence anniversary
India is currently a lower-middle-income country as per the classification by World Bank. In order to reach the aim of becoming a developed nation, it will have to jump two thresholds.
Despite a comparatively slower growth of the economy, the growth might be far-fetched but not impossible.
(Data will be updated as per news)
Also, Read India to become a Hydrogen Hub in the upcoming Years
