RBI Annual Report 2022-23: India’s growth momentum likely to sustain in FY24 | Mint Primer | MintUpdated: 02 Jun 2023, 12:14 AM IST Team Mint
Dive into the insights offered by the Reserve Bank... moreDive into the insights offered by the Reserve Bank of India's (RBI) Annual Report FY23 in this video. Despite global turmoil in 2022-23, India demonstrated an impressive economic resilience, recording a 7% growth rate which outpaced major world economies. The recovery was marked by normalising domestic supply chains and a rebound in contact-intensive sectors. RBI’s report also highlighted challenges the global economy is grappling with, including high inflation, geo-economic fragmentation, and technological disruptions. Furthermore, it shed light on climate change, cybersecurity, fintech disruptions, and cryptocurrencies as potential long-term challenges. Transitioning our focus to the Indian economy, the video explores factors such as sound macroeconomic policies, softer commodity prices, a robust financial sector, and a healthy corporate sector that are poised to sustain India’s growth momentum in 2023-24. We also take a closer look at the volatility of foreign portfolio investment flows amidst global uncertainties, the measures taken to control inflation, the circulation of currency notes, and the future of digital currency in India. This includes a discussion on the Central Bank Digital Currency (CBDC), the Digital Rupee launched by the RBI in 2022, and its upcoming expansion plans. Join us as we break down the key takeaways from RBI's Annual Report and their implications for India's economic trajectory. For more economic insights and updates, don't forget to subscribe to our channel.