Prime Minister Modi expects 7.5% economic growth in this year 

The government expects the Indian Economy to grow by 7.5% in this year. The Prime Minister  said that his government has brought transformative changes in different sectors. 

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The Prime Minister while addressing the BRICS Business Forum said that India’s Gross Domestic Product is all set to grow at 7.5% in the fiscal year 23 (FY23). This will make India the fastest growing economy in the world. 

All About the Virtual Address

The Prime Minister in a virtual address at BRICS Business forum said that the value of the Indian Digital Economy will reach $ trillion by 2025. PM said that his government has brought transformative changes to enable technology led growth in different spheres like space, green energy, data and so on. “We are supporting innovation in every sector,” said the Prime Minister. Highlighting the strength of the Indian economy, the PM also said that there is an opportunity to invest USD 1.5 trillion under the country’s infrastructure.. The BRICS brings together five largest developing  nations namely Brazil, Russia, India, China, South Africa. 

Recent increase in repo rate by RBI to fight rising inflation. 

The rising inflation in India is leading to excessive higher price rates of essential commodities. It is becoming extremely difficult for common people to sustain their living. Middle class and the poor people are the worst sufferers of this inflation. To control such a high rate of Inflation in the Indian Economy, the central bank and RBI decided to increase the repo rate by 50 bps which will help in controlling the inflation.  It is a highly essential move to fight inflation pressure in India. With the increase of the repo value by 50 bps the repo rate now stands at 4.50%. It was an extremely crucial step that has been taken to fight inflation. The rising prices of daily essentials were posing a huge threat to common Indians to sustain a proper living. The increase in the repo rate will benefit the common man because they will find it easy to purchase the products because of the price drop.

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