India's Road to Economic Superpower: RBI Predicts 2nd Place by 2031

Mumbai/Delhi, 13 July (H.S.): According to RBI Deputy Governor Michael Debabrata Patra, India has the potential to become the second largest economy in the world by 2031 and the largest economy by 2060.

This is due to the country's innate strengths, such as its traditional advantage of capital accumulation and domestic savings, which have been the main drivers of growth. Unlike many other countries, India does not have to rely on foreign resources, making it less vulnerable to external shocks.

Additionally, the current account gap in the balance of payments has remained modest and inflation has fallen within the target range of 4%, indicating macroeconomic and financial stability.

This, coupled with steadfast monetary policy actions and supply management, has further strengthened India's growth trajectory. With these factors in place, it is possible for India to achieve this economic milestone in a shorter timeframe than initially projected.