New Delhi: After all the issues with the economy, India has finally reached a stable stage, with a World Bank report stating that India’s GDP at present stands at $2.067 trillion, having crossed the $2-trillion mark in 2014.
In just seven years, India has added one trillion to its economy.
Despite this, India will still fall under the lower middle income category.
India’s gross national income per person has risen to $1,610, which is Rs 1,01,430 by present exchange rate, making India one of the fastest growing economies in the world this year.
Reserve Bank of India governor Raghuram Rajan said on Thursday that the Indian economy was in a recovery phase. “There are signs of pick up in capital investments,” Rajan said.
Stating that India’s exposure to Greece was limited, he added, “The direct exposure is very limited for India. But there is some indirect exposure like how the Euro would react to the Greece situation.” He added after the initial burst of volatility, investors will start differentiating. “Our growth prospects are good and the buffers that we have are reasonable, including foreign exchange,” Rajan said.
Talking about exports, which he said would be an area of relative concern, he said that they have been weak across all Asian economies, barring China. On monsoon, the governor said the news on the rain front has so far been good. “The monsoon thus far has been above normal. Of course, there are varying predictions moving forward,” he said.