India's Economy Sound, Stable & Resilient Amidst Global Uncertainty: Shaktikanta Das

Shaktikanta Das, former Governor of the Reserve Bank of India and currently Second Principal Secretary to the Prime Minister, expressed a strong outlook for India's economy at the CNBC-TV18 Global Leadership Summit. He emphasized that India's economic fundamentals are "sound, stable and resilient" even as the global landscape is being reshaped by changing trade rules and geopolitical tensions.

Das outlined three core pillars supporting India's progress. Firstly, he noted that the Indian economy has maintained its stability despite the global trend away from multilateralism towards more regional and bilateral agreements. Secondly, he affirmed that the vision for 'Viksit Bharat 2047' (Developed India 2047) is progressing well, citing the successful implementation of GST reforms and deregulation in non-financial sectors as evidence of strong political will and administrative action. He indicated that further measures to improve ease of doing business and enhance competitiveness are forthcoming.

Thirdly, Das identified technology and startups as crucial drivers for inclusive growth. He pointed out that advancements in artificial intelligence and digital innovation are expanding beyond major cities to tier-2 and tier-3 towns, creating new job opportunities and accelerating urbanization, which he described as an "engine of growth."

He concluded with an optimistic message, urging the upcoming generations to embrace challenges as opportunities and leverage them to help India achieve its 'Viksit Bharat' goals by 2047. When asked if recent reforms were just a preview, he suggested that many more significant steps are planned.

Impact: Shaktikanta Das's confident assessment of India's economic health and future prospects can significantly boost investor confidence. This positive sentiment may encourage domestic and foreign investment, potentially leading to increased market liquidity and stock price appreciation across various sectors. The focus on reforms and technology also signals a favorable environment for businesses involved in these areas. Rating: 8/10

Difficult Terms: Macro fundamentals: Refers to the broad, underlying economic conditions of a country, such as GDP growth, inflation, interest rates, and fiscal balance, which are key indicators of economic health. Multilateralism: The principle of participation by three or more countries, while bilateral accords involve only two. Deregulation: The process of removing or reducing government regulations on businesses and industries, aiming to increase efficiency and competitiveness. Viksit Bharat 2047: A vision for India to become a developed country by the year 2047, the 100th anniversary of its independence.