India on track to become the world’s fastest growing economy | India on track to become the fastest growing economy in the world, Finance Minister will meet next week


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India on track to become the fastest growing economy in the world

New Delhi. A report from the Ministry of Finance said that India is on track to become the world’s fastest growing major economy, driven by factors such as needed macro and micro growth. According to the monthly economic review prepared by the ministry, faster vaccination and the festive season will accelerate the revival of the Indian economy, thereby narrowing the gap between supply and demand and creating more job opportunities. He said that the Self-Sufficient Indian Mission, while incorporating important structural reforms, is playing an important role in shaping the country’s economic reactivation, through indicating business opportunities and expanding spending channels.

Together with the necessary macro and micro growth drivers, the Survey said, this round is poised to accelerate India’s investment cycle and accelerate its revival to become the fastest growing economy in the world. The Economic Survey 2020-21, released in January this year, had projected 11% GDP growth during the current financial year ending March 2022.

Sitharaman will meet with heads of banks and state financial institutions next week

Finance Minister Nirmala Sitharaman will hold a meeting with heads of public sector banks and financial institutions next week to address the slowdown in the flow of credit to productive sectors of the economy hit by the Kovid-19 pandemic. All public sector banks and financial institutions will participate in this two-day conference starting November 17. In addition, the CEOs of the top six private sector lenders and non-bank finance companies (NBFCs) will also be present, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Investment and Finance, Shriram Transport Finance and Tata Capital.

The Finance Ministry, in a letter addressed to the president and CEOs of banks and financial institutions, said the two-day conference will focus on a smooth flow of credit to various sectors of the economy. According to sources, the conference will conduct a comprehensive review of various sectors and assess the progress of government schemes, including India’s independent campaign.




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