MUMBAI:
Despite a challenging global scenario, India’s economy has shown robust growth over the past year backed by sustained consumption and investment demand, a top Indian official told members of a World Bank committee here.
The GDP growth estimate for the fiscal, which has been revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, highlights the enduring strength and resilience of the Indian economy, India’s Economic Affairs Secretary Ajay Seth said while addressing the Development Committee meeting here on Thursday.
India grew above 8 per cent for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends, Seth said.
He said that similar sentiments have been echoed by various agencies who have revised India’s fiscal 24 growth estimate closer to 8 per cent. India’s proactive stance on reform and investment in sustainable growth avenues sets a benchmark for emerging economies.
The Indian delegation at the annual Spring Meeting of the International Monetary Fund and the World Bank is being represented at the official level this time. Union Finance Minister Nirmala Sitharaman is not attending the annual gathering of global financial leaders due to the ongoing Lok Sabha elections.
Seth told the Development Committee that India’s thrust on capex continued to crowd in private investment resulting in enhanced Gross Fixed Capital Formation (GFCF) at constant prices registering a growth above 10 per cent in FY24.
India’s inflation outlook appears positive with headline and core inflation trending downwards, indicating a broad-based moderation in price pressures, he said.
Seth said that on the external front, the narrowing merchandise trade deficit and the rising net services receipts are expected to improve the current account balance in fiscal 2024.
To catalyse and democratise the Artificial Intelligence (AI) innovation ecosystem in the country, the Centre has approved the India AI Mission with a budget outlay of INR 103 billion for building computing infrastructure, developing indigenous AI capabilities, streamlining access to datasets, attracting AI talent, and financing AI start-ups.
The Mission aims to establish a robust AI ecosystem through strategic programmes and partnerships across the public and private sectors. The focus on infrastructure and technology is expected to propel India to stay on the curve of technological innovation, consolidate and solidify its position in the global supply chain, he said.
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