India fastest-growing economy in world today: FM Nirmala Sitharaman during No-Confidence Motion debate

“In just 9 years, the economy rose and saw economic development due to the policies of our govt – despite COVID. Today, we are the fastest growing economy in the world,” FM Sitharaman said.

The finance minister added, “So, India is in a rare position of being optimistic and positive about its future growth.”

Global banking group Morgan Stanley last week upgraded India’s rating to ‘Overweight’, stating that structural reforms have taken place in the last few years and are currently bearing fruit, unlocking growth opportunities that were previously stagnant.

“India rises from number 6 to number 1 in our process, with relative valuations less extreme than in October. Multipolar World trends are supporting FDI and portfolio flows, with India adding a reform and macro-stability agenda that underpins a strong capex and profit outlook,” Morgan Stanley said while upgrading India’s rating.

RBI Governor Shaktikanta Das, while announcing the Reserve Bank of India’s bimonthly monetary policy earlier today, said, “Domestic economic activity is holding up well, and is likely to retain its momentum, despite, weak external demand.”

Das said domestic economic activity is maintaining resilience, adding that the recovery in kharif sowing and rural incomes, the buoyancy in services and consumer optimism should support household consumption.

“Headwinds from weak global demand, volatility in global financial markets, geopolitical tensions and geoeconomic fragmentation, however, pose risks to the outlook,” the RBI governor said.