India's Economy Set for High Growth Amid Global Risks: RBI Insights

India's economy is poised for a stable high growth phase, despite significant global risks. Shashanka Bhide of RBI's monetary policy committee highlights strong domestic demand supported by increased investment, while CPI inflation is expected to lower, aiding growth momentum.

India's economy is on the cusp of a stable high growth phase, according to Shashanka Bhide, a member of the RBI's monetary policy committee, who spoke on Sunday. Despite facing significant global risks, the nation maintains a robust economic position.

Bhide pointed to the growth of income and domestic demand bolstered by substantial investment in recent years. He noted that this investment is expected to support sustained economic activity and growth momentum. India's GDP growth is officially estimated at 8.2 percent for 2023-24, accelerating from 7 percent the previous year.

Additionally, monsoon rainfall is anticipated to be normal this year, benefiting both growth and reducing food inflation. Bhide emphasized the importance of improving global demand conditions and capital inflows in sustaining growth, while highlighting the significance of maintaining CPI inflation targets to support the economy.

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