Speaking at an Azadi Ka Amrit Mahotsav event organized by the RBI in Bhubaneswar, Patra said that “independent India’s journey of 75 years has been quite astonishing”.
Michael Patra, the Deputy Governor of the Reserve Bank of India, said that India’s economic journey has been astonishing over the past 75 years. Speaking at an event organized by the Reserve Bank of India, Patra said that India lifted millions out of poverty at the fastest rate in the world.
Speaking at an Azadi Ka Amrit Mahotsav event organized by the RBI in Bhubaneswar, Patra said that “independent India’s journey of 75 years has been quite astonishing. Between 2006 and just before the COVID-19 pandemic struck, more than 300 million people in India have been lifted out of poverty, the highest rate of poverty reduction anywhere in the world.”
Patra highlighted that India today is a world leader in exporting several agricultural goods as well as being a global leader in terms of producing and exporting several new age goods like tractors, two-wheelers, smartphones, cars, and even spacecraft.
“In 2021, India emerged as the world’s Number 1 rice exporter, with more than the combined exports of world Numbers 2 and 3,” Patra said.
“A widely used indicator of economic progress of a country is the growth of gross domestic product, which is the value of all the final goods and services produced in an economy during say a quarter or a year. If one looks back over the last 75 years, statistical tests (Bai-Perron structural break tests) reveal that India’s growth trajectory has gone through three phases. Up to the 1970s, India averaged GDP growth of 3.6 per cent – the so called Hindu rate of growth – which has been associated with inward-looking policies adopted over that period,” he added.
Patra added that the country’s growth began to pick pace during the two decades from 1980 to the early 2000s from liberalisation, opening up and an outward orientation commenced. Till the pandemic struck, India managed to grow its economy by over seven percent. For the current fiscal year, the RBI has predicted growth to be at 7.2 percent making India as one of the fastest growing economies in the world.