Resilient economy, price stability to support India’s growth story: FinMin

New Delhi, April 25

Resilient growth, price stability and steady external sector outlook continue to support India’s promising economic performance amid uncertain global conditions, a Finance Ministry report said on Thursday.

Overall, India continues to be the fastest-growing major economy, with positive assessments of the growth outlook for the current financial year for India by international organisations and the RBI, the Monthly Economic Review for March said.

The IMF, in its April 2024 World Economic Outlook (WEO), has revised upwards its estimate of India’s real GDP growth for FY24 to 7.8 per cent from 6.7 per cent in its January 2024 update and 6.3 per cent in its October 2023 WEO. The report said the global economic growth landscape is seeing a gradual resurgence, marked by fading fears of recession and rebounding growth in major economies. Geopolitical tensions remain a concern, but notwithstanding recent developments, risk perceptions have softened, offering a potential upside for growth, it said.

Talking about global economic growth recovery, the report said it is underway in major economies. “While the leading indicators signal increased economic activity and geopolitical tensions have eased slightly, recent conflicts continue to pose risks. Despite the global challenges, India stands out with its strong economic performance, highlighting broad-based growth across sectors and asserting its pivotal role in supporting the global growth trajectory,” it said. — PTI

‘Inflation to be less severe’

The problem of high food inflation will be “less severe” going ahead, as modern supply chains with diversified sources can help quickly address sudden spikes in prices of specific food items, RBI Monetary Policy Committee member Ashima Goyal has said