<p>Unlike the global economy, India will not slow down and maintain the pace of expansion achieved in 2022-23, an RBI article said on Tuesday.</p>.<p>"We remain optimistic about India, whatever the odds," said the article on the state of the economy published in the March edition of the Reserve Bank bulletin.</p>.<p>The NSO’s end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers, it said.</p>.<p>Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, it said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/gdp-to-grow-at-7-inflation-set-to-moderate-finmin-report-1202061.html" target="_blank">GDP to grow at 7%; inflation set to moderate: FinMin Report</a></strong></p>.<p>"Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and instead suggest a sequential slowing down through successive quarters of 2022-23 to an unsuspecting reader," said the article.</p>.<p>The article has been authored by a team led by RBI Deputy Governor Michael Debabrata Patra.</p>.<p>The authors further said India’s real GDP can go up from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore against the current projection of Rs 169.7 lakh crore in 2023-24.</p>.<p>"This is simple arithmetic; hardly a hurray at half-time. Also, unlike the global economy, India would not slow down – it would maintain the pace of expansion achieved in 2022-23. We remain optimistic about India, whatever the odds," the article said.</p>.<p>Currently available forecasts of India’s real GDP growth for 2023-24, including those of the RBI, settle between 6 and 6.5 per cent.</p>.<p>The central bank said that views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India.</p>
<p>Unlike the global economy, India will not slow down and maintain the pace of expansion achieved in 2022-23, an RBI article said on Tuesday.</p>.<p>"We remain optimistic about India, whatever the odds," said the article on the state of the economy published in the March edition of the Reserve Bank bulletin.</p>.<p>The NSO’s end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers, it said.</p>.<p>Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, it said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/gdp-to-grow-at-7-inflation-set-to-moderate-finmin-report-1202061.html" target="_blank">GDP to grow at 7%; inflation set to moderate: FinMin Report</a></strong></p>.<p>"Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and instead suggest a sequential slowing down through successive quarters of 2022-23 to an unsuspecting reader," said the article.</p>.<p>The article has been authored by a team led by RBI Deputy Governor Michael Debabrata Patra.</p>.<p>The authors further said India’s real GDP can go up from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore against the current projection of Rs 169.7 lakh crore in 2023-24.</p>.<p>"This is simple arithmetic; hardly a hurray at half-time. Also, unlike the global economy, India would not slow down – it would maintain the pace of expansion achieved in 2022-23. We remain optimistic about India, whatever the odds," the article said.</p>.<p>Currently available forecasts of India’s real GDP growth for 2023-24, including those of the RBI, settle between 6 and 6.5 per cent.</p>.<p>The central bank said that views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India.</p>