Some Exciting News

Let’s start off with something encouraging, shall we? According to data made public by the Ministry of Statistics & Programme Implementation (MoSPI), India’s retail inflation rate reduced slightly from the previous month and continued to fall below the Reserve Bank of India’s (RBI) comfort zone of 2%-6% for another month.

In December, the inflation rate based on the Consumer Price Index (CPI) decreased to 5.72%.  Lower food costs, especially the decline in vegetable prices, contributed to keeping inflation within the acceptable range.  

Let’s talk about another very significant development. As many of you must already be aware, India has surpassed China as the world’s most populous nation. India’s population was 141.7 crore by the end of 2022, according to forecasts from the World Population Review (WPR). That’s just over 50 lakh more than China’s 141.2 crore estimate from January 17. 

India, a nation where 50 percent of people are under 30, is predicted to have the fastest-growing major economy in the world. The UN predicted that the milestone will be attained this year.   

The third-largest economy in Asia currently produces enough food for itself. It is the second-largest producer of rice, wheat, and sugar. In addition to being the biggest user of sugar, it is the biggest importer of edible oils. India ranks second in terms of steel and gold consumption and is the third-largest market for the purchase of crude oil. It is also the third-largest domestic aviation market globally. 

India is growing by leaps and bounds and is also becoming economically stronger day by day. India is projected to be one of the fastest-growing major economies in the world. Morgan Stanley has said that India’s GDP is likely to more than double by 2031- from the current $3.5 trillion to $7.5 trillion. 

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Pallabi Boruah

Editor