Country’s economy is growing faster than China’s, and its short-term goal is to be a $5-trillion economy
Country’s economy is growing faster than China’s, and its short-term goal is to become a $5-trillion economyThe Indian economy is now growing faster than any of its Brics partners, outstripping even China. Meanwhile, SA and Brazil are deindustrialising, and Russia’s economy is crumbling because of its ill-considered war with Ukraine.
The government has also introduced incentives to stimulate manufacturing, particular in electronics and technology. It has focused on increasing investment infrastructure as a catalyst to unlock economic growth. The country’s next budget is set to heavily prioritise capital expenditure to increase employment, investment and local demand.
illovers from recent developments in financial markets in the US and Europe pose a risk to short-term investment flows to emerging markets, including India”. For many years after independence in 1947 India’s economy grew at less than 1% a year on average, but after liberalisation and other reforms in 1991 there was a high growth phase, especially between 2005 and 2008, and recently annual growth has hit 7%.
India’s goal in the short-term is to become a $5-trillion economy, which could be achieved within five years with annual growth of 8%-9%. Former Reserve Bank of India governorRangarajan, one of the world’s most respected central bankers who is a former chair of the Economic Advisory Council to the Indian prime minister, has said if the economy grows at this rate its per capita income will rise to about $3,472.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ramaphosa determined to host successful BRICS summit despite Putin arrest controversy | News24Not even an International Criminal Court arrest warrant for Russian President Vladimir Putin will overshadow or undermine South Africa hosting heads of state of the BRICS group of nations. | JasonFelix
Read more »
Ramaphosa 'comfortable' issues related to Putin will be resolved before SA hosts Brics summit: presidencyPresident Cyril Ramaphosa hopes issues related to Russian President Vladimir Putin’s possible visit to South Africa will be resolved before the country hosts the Brics summit in August.
Read more »
Ramaphosa 'comfortable' issues related to Putin will be resolved before SA hosts Brics summit: presidencyRamaphosa 'comfortable' issues related to Putin will be resolved before SA hosts Brics summit: presidency: President Cyril Ramaphosa hopes issues related to Russian President Vladimir Putin’s possible visit to South Africa will be resolved before the…
Read more »
Ramaphosa 'comfortable' issues related to Putin will be resolved before SA hosts Brics summit: presidencyPresident Cyril Ramaphosa hopes issues related to Russian President Vladimir Putin’s possible visit to South Africa will be resolved before the country hosts the Brics summit in August.
Read more »
Ramaphosa 'comfortable' issues related to Putin will be resolved before SA hosts Brics summit: presidencyPresident Cyril Ramaphosa hopes issues related to Russian President Vladimir Putin’s possible visit to South Africa will be resolved before the country hosts the Brics summit in August.
Read more »
Prince William pulls pint of Kingmaker on pub tripPrince William and his wife Kate visited a London pub on Thursday, pulling a pint of Kingmaker ahead of his father King Charles III's coronation.
Read more »