India on a strong economic development path, now the largest economic center: Former Deputy Governor of RBI

New -delhi, October 3 (IANS). India is on the path of strong economic development, which is supported by macroeconomic stability, self-built financing and a strong financial sector. This was said by the former Deputy Governor of the Reserve Bank of India (RBI) Michael Debababata Patra. Patra spoke to Ians during the fourth Kautilya Economic Conclave, saying that India is in a good position to maintain a high growth rate, even in the midst of global uncertainties. Patra said that the economy of India reinforces the features such as low inflation, narrow running account deficit, manageable debt level and large foreign exchange reserves. He said: “All these indications are of macro economic stability, and there is a clear commitment to the authorities to retain it. This stability lays the basis of high development and protects India from global effects such as rates.” Patra expressed confidence in India’s progress with more than 8 percent GDP development and said this trend has appeared in the last five years since 2021. He said: “The 7.8 percent development took place in the first quarter, which is generally considered a seasonal decline. The rest of the year is expected to grow further.” He also said that India’s self-sufficient investment model and the strength of the financial sector, in which pure non-performing assets are almost zero, are the most important factors that support long-term development. Patra also emphasized that India’s external stability has given an example of a narrowed current account and currently the fourth largest foreign exchange reserves in the world. He said these factors will help India deal with global challenges such as rates such as rates such as rates. He said: “GST reforms and export packages are already reducing the input costs of exporters. Dialogue with the US could reduce the tariff effect, especially with a view to the current trade surplus of India with them.” About the role of India in global change, Patra said that the country has always adopted a non-composed strategy. He said: “India can emerge as an AS in the polynomial world, and the global south sees it as a leader. And it does it in a very balanced way.” -Ians DSC