Former RBI Governor D Subbarao expressed concern, said big thing about India’s development

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Former RBI Governor D Subbarao expressed concern, said big thing about India's development


Photo:FILE Former RBI Governor D Subbarao expressed concern

Reserve Bank of India (RBI) Former U.S. governor D Subbarao on Sunday said the growth rate in the first quarter of the current fiscal has been lower than expected, which is a cause for despair and concern. India’s GDP growth rate in the April-June quarter of the current financial year 2022-23 has been 13.5 percent. Due to this, the economy was badly affected due to the Kovid-19 epidemic in the same quarter of the previous financial year.

big jump expected

This quarter’s expected big jump has become a cause for concern as the GDP growth rate in the first quarter has been low, contrary to the leading indicators. This also raises the possibility of a further decline in the growth rate in the coming quarters. “This is disappointing as the economy was expected to bounce back strongly in the first quarter of this year from the worst hit due to the delta wave of the pandemic in the first quarter of last year,” the former RBI governor said.

In the short term, the country’s growth forecast could be affected by higher commodity prices, fears of a global slowdown, monetary tightening by the RBI and an uneven monsoon. Uneven monsoon can affect crop production, especially rice production. The RBI had projected the GDP growth rate to be 16.2 percent in the April-June 2022 quarter. For the entire fiscal, it has projected a growth of 7.2 per cent.

Good signs were seen in the recently released report

The report said that India is likely to benefit in the coming days as China is slow in terms of new investment intentions. India’s GDP growth in the first quarter of 2023 was 13.5 percent. At this rate, India is likely to be the fastest growing economy in the current financial year. Interestingly, India’s GDP growth rate for FY13 is estimated at 7.7 per cent from 6.7 per cent currently, which is a good sign.”

In a world ravaged by uncertainties, we believe growth of 6 to 6.5 percent is the new normal. Yet we have a passionate urge to update the IIP Basket which is made up of a 2012 product set and is hopelessly out of date.

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