DAVOS : The Reserve Bank of India (RBI) Governor Shaktikanta Das on January 17 said that the Indian Economy is likely to grow 7 percent in the next financial year 2024-25.

“The Government for structural reforms undertaken in recent years, saying they have boosted the medium and long-term growth prospects of the Indian economy,” Das said while speaking at a CII session on ‘High growth, low risk: The India story’ at Davos during the World Economic Forum Annual Meeting.

Further, the RBI Governor added that amid a challenging global macroeconomic environment, India presents a picture of growth and stability. Last month, the central bank raised its GDP growth forecast for 2023-24 by a huge 50 basis points to 7 percent following the big upside surprise in the July-September data. Last month, the central bank raised its GDP growth forecast for 2023-24 by a huge 50 basis points to 7 percent following the big upside surprise in the July-September data.

Announcing the Monetary Policy Committee’s interest rate decision on December 8, RBI Governor Shaktikanta Das said the Indian economy is a “picture of resilience and momentum” amid an unsettled global economic backdrop.

Data released on November 30 showed India’s GDP growth came in at 7.6 percent in July-September, well above the consensus forecast of 6.8 percent and down only slightly from 7.8 percent recorded in April-June.

Das also said that inflation will ease further from the current levels.

Recent information on the global economic front has been reassuring with inflation falling, though growth remains low, Das added.

“Chances of soft landing have improved and markets have reacted positively. However, geopolitical risks and climate risks remain matters of concern,” Das said.