India in striking distance of 8% growth as reforms boost economy: Shaktikanta Das

Mumbai - India is projected to achieve near 8% growth, driven by stability in policy and reforms aimed at cutting import reliance, according to Shaktikanta Das. The principal secretary-2 to the Prime Minister and a former central bank governor made these remarks at a press conference in Mumbai. Das attributed the economy's momentum to macroeconomic stability, ongoing structural reforms, and strategic policies to bolster domestic capacity in areas predominantly dependent on imports.

He emphasized the financing sector's pivotal role in India's evolution from a lower-middle-income to a high-income economy. Das highlighted the BFSI sector's responsibility to bolster India's Digital Public Infrastructure (DPI), act as the frontline for green and transition finance, and catalyze financial inclusion. The sector must also support the development of digital carbon markets, issue sovereign green bonds, and provide competitive financing products for green hydrogen and renewable energy infrastructure.

Additionally, Das stressed the importance of empowering micro, small, and medium enterprises and agriculture, encouraging the use of digital footprints like GST records and account aggregation for instant credit underwriting, and deepening the financialization of savings by transitioning India's wealth from physical assets to productive financial assets.

He stressed that the BFSI sector must enable India's next-gen DPI, including global UPI expansion, real-time cross-border payment linkages, and wider CBDC adoption. Das concluded by stating that India's growth, despite global turbulence, hinges on a robust, efficient, and profitable BFSI sector.