RBI Deputy Governor Michael Patra predicts India could be the second-largest economy by 2031 and the largest by 2060, if it addresses certain challenges.
RBI Deputy Governor Michael Patra says India can become the second-largest economy by 2031 and the largest by 2060, given its strengths. India needs to overcome challenges in labour productivity, infrastructure, manufacturing sector contribution, and sustainable development for this growth. Inflation in India should align with global inflation to preserve the rupee's value and facilitate its internationalization, he adds.
July 12, 2024
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