India’s growth is not only good for Indians, but also the world, said Prime Minister Narendra Modi, in an exclusive interview to moneycontrol.com.
“India’s growth is clean and green growth. It is being achieved with a human-centric approach that can be replicated in other countries too. India’s growth helps further the interests of the Global South,” said Modi, in an exclusive interview to Moneycontrol.
While the official data showed India’s Q1 FY23 GDP growth at 7.8 per cent, Moody’s Investors Service on Friday raised India’s growth projection for the calendar year 2023 to 6.7 per cent citing robust underlying economic momentum.
In the Global Macro Outlook 2023-24 (August update), Moody’s said strong services expansion and capital expenditures have propelled India’s 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago.
“Given the robust underlying economic momentum, we also recognise further upside risk to India’s economic growth performance,” Moody’s said while raising its 2023 calendar year growth forecast for India to 6.7 per cent, from 5.5 per cent. The global rating agency, however, lowered 2024 growth forecast to 6.1 per cent from 6.5 per cent, citing a high base of 2023.
According to an SBI report published in August, showing a significant increase in middle-class income, India’s weighted mean income has jumped about three times from Rs 4.4 lakh to Rs 13 lakh between FY2012-13 and FY2021-22. It is helped by the transition from the lower-income group to the upper-income group as also buoyancy in the number of tax filers who were earlier not reporting income.
A recent NITI Aayog said 13.5 crore Indians moved out of the poverty net in the past five years.
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