RBI Governor Shaktikanta Das: India on the Path of Sustainable Growth
Projects 7.2% Growth for FY 2024-25, Highlights Economic Momentum
Mumbai – Reserve Bank of India (RBI) Governor Shaktikanta Das affirmed on Thursday that India is advancing steadily on the path of sustainable growth. Speaking at the annual FIBAC 2024 conference, jointly organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) and the Indian Banks’ Association (IBA), Das emphasized that the key drivers of the Indian economy are gaining momentum, and the nation is well-prepared to embrace these changes.
In his inaugural address, Governor Das said, “The economy is undergoing significant changes across various sectors and markets, and India is prepared for these transformations.” He also highlighted that the RBI has forecasted a 7.2% economic growth rate for the fiscal year 2024-25, in alignment with projections from international agencies like the International Monetary Fund (IMF) and the World Bank.
Strong Growth Projections from IMF and World Bank
Governor Das pointed out that the IMF recently revised India's growth rate estimate to 7%, while the World Bank also raised its forecast to 7% for FY 2024-25. He noted that these revisions reflect a strong alignment between the forecasts of national and international institutions, as well as the RBI’s own economic growth estimates.
“I believe these consistent projections from various agencies, including the RBI, indicate a shared optimism about India's economic trajectory,” Das remarked.
Economic Transformation and the Future of India
During his address, Das expressed his satisfaction at returning to the FIBAC annual conference, which brings together industry leaders, financial sector professionals, and regulators to discuss critical issues of contemporary relevance. He congratulated FICCI and IBA for successfully organizing the event.
The Governor also emphasized that India’s economy is at a pivotal point, undergoing widespread changes across sectors. “Our journey toward becoming an advanced economy is powered by a unique combination of factors—a young and dynamic population, a resilient and diverse economy, a strong democracy, and a rich tradition of entrepreneurship and innovation,” he added.
Governor Das concluded by underscoring the importance of continued collaboration between the government, financial institutions, and the private sector to ensure India’s sustainable economic growth in the coming years.
