In a recent interview with The Financial Express, Sanjeev Sanyal, a member of the Prime Minister’s Economic Advisory Council, shared his positive outlook on India's economic landscape. He emphasized the robustness of India's macroeconomic fundamentals, expressing confidence in the country's medium-term fiscal targets. Notably, Sanyal foresees the Indian rupee emerging as a global hard currency by the year 2030, attributing this projection to strategic steps already underway. Despite challenges such as weak external demand impacting export contributions, Sanyal anticipates a substantial real GDP growth rate of 6.5-7% for India in the fiscal year 2023-24. Stay tuned for insights into India's economic trajectory and the factors shaping its global financial standing.
Here are important points:-
Sanjeev Sanyal's Views:
- Believes India's sovereign rating should be higher based on its strong macroeconomic fundamentals.
- Expects the Indian rupee to become a global hard currency by around 2030.
Economic Growth:
- Anticipates India's real GDP growth rate to be 6.5-7% in the fiscal year 2023-24.
- Highlights the challenge of achieving growth without substantial support from exports due to weak external demand.
Fiscal Deficit:
- Considers the medium-term fiscal deficit target realistic.
Global Recognition:
- Suggests that steps have been taken to elevate the Indian rupee's status on the international stage.
Cybersecurity Concern:
- Acknowledges cybersecurity as a serious matter, emphasizing the need for evolving rules.
In summary, Sanjeev Sanyal is optimistic about India's economic prospects, projecting growth and envisioning the Indian rupee as a significant global currency by 2030.
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