India to contribute 15% to global growth in 2023: RBI Governor Shaktikanta Das

According to the International Monetary Fund’s ‘World Economic Outlook of April 2023’ data, India in the year 2023 will contribute as much as up to 15 per cent to global growth. The Reserve Bank of India (RBI) Governor, Shaktikanta Das informed about this during a Plenary Session at the CII Annual Session 2023.

He also informed that the economic slowdown is concentrated in advanced world economies and the Asia-Pacific region is expected to contribute up to 70 per cent to the global growth in 2023.At the Session, Shaktikanta Das said, “The global economy is facing headwinds from the lingering geopolitical conflict, elevated inflationary pressures from across countries and tighter financial conditions on the back of monetary policy tightening by major central banks across the world. The IMF’s World Economic Outlook of April 2023 projects global growth to decelerate from 3.4 per cent in 2022 to 2.8 per cent in 2023 before rising again to 3 per cent in 2024.”

“The economic slowdown is, however, concentrated in advanced economies with the Asia-Pacific region expected to contribute about 70 per cent of global growth in 2023. According to the same estimates, India will contribute about 15 per cent to global growth in the current year,” he added.