India on Track for 8% Growth, Says Shaktikanta Das

India's economy is within striking distance of 8% growth. According to Shaktikanta Das, principal secretary to the Prime Minister, who made the statement at the Kautilya Economic Conclave in New Delhi. The Indian economy expanded 7.8% in the June quarter.

Driven by strong domestic demand and investment, and is expected to accelerate in the next five years. This includes the adoption of AI, which can enhance productivity and improve public service delivery.

Das highlighted the significance of the reforms undertaken over the past decade. Which were not designed as one-off measures but as strategic buffers to enable the economy to absorb disruptions and recover rapidly. India's resilience is not accidental but the outcome of broad and mutually reinforcing reforms.

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The Indian economy has been driven by a range of reforms. This includes the implementation of the Goods and Services Tax (GST), banking reforms, flexible inflation targeting, digital payments, and fiscal prudence. These reforms have helped to create a more stable and resilient economy, which is now poised for further growth.

The Reserve Bank of India (RBI) has played a important step in implementing these reforms. And its efforts have contributed significantly to the country's economic stability.

Das also emphasized the potential of Artificial Intelligence (AI) to drive economic growth in India. The journey ahead is focused on capitalising on the emerging opportunities. AI can enhance productivity, improve public service delivery, accelerate scientific discovery, strengthen healthcare outcomes, and transform education.

The Prime Minister's Office (PMO) has been actively promoting the adoption of AI. And its efforts are expected to have a significant impact on the country's economic growth.

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While the Indian economy is on track for growth, there are still challenges to be addressed. Deepening the corporate bond market, pension and insurance funds, municipal finance, and innovative infrastructure financing are among the key areas that require attention.

The RBI and the government are working together to address these challenges and ensure that the economy continues to grow at a sustainable pace.

As the Indian economy continues to grow, it is essential to ensure that the benefits of growth are shared by all sections of society. The government is committed to implementing policies that promote inclusive growth and reduce inequality. With the adoption of AI and other technologies, the country is poised to become a global leader in economic growth and development.