 "'We are positive about growth, disinflation', says RBI Governor Das")
While addressing the 188th annual general meeting (AGM) of Bombay Chamber of Commerce & Industry in Mumbai, RBI Governor Shaktikanta Das said that India is at the threshold of a major structural shift in its growth trajectory as it moves towards 8 per cent gross domestic product (GDP) in a sustained manner. He added that he was confident of the economy growing 7.2 per cent in the current fiscal year.
"Currently, we are witnessing a strong growth momentum... In Q4FY24 the momentum was very strong. In the first quarter, this momentum continues to be strong... Now casting team at RBI projects Q1 growth slightly higher than our own estimates...Rural consumption has picked up...," said Das.
RBi Governor further said that the country's growth story has been a multisectoral growth. "A large country like this cannot depend on a single sector, whether manufacturing or services or export-led growth or whatever. It has to be a multiple-sector-driven growth story for India... In the agriculture sector, a lot of achievements have been made, but I think there is still a lot of work to be done in the agricultural sector, especially with regard to the improvement of the supply chains and the value chain framework...," he said.
Highlighting GST as one of the biggest structural reforms since 1947RBI Governor Das said that GST has made business much more convenient. He said, "Among the structural reforms at the forefront, I would like to mention the goods and services tax, the GST, about which a mention was made...GST has been one of independent India's biggest structural reforms...I am happy to mention that in India, the GST has stabilised much faster than in many other countries... Today per month collections under GST have touched Rs 1.7 trillion...The business has become much more convenient.. and the costing of business has become much more efficient and competitive together."