RBI Deputy Governor Patra Envisions India As World’s Second-Largest Economy By 2031

New Delhi: In a major prediction about the Indian economy, RBI Deputy Governor Michael Debabrata Patra has projected a promising economic future for India, suggesting the nation could become the world’s second-largest economy by 2031. Speaking at the Lal Bahadur Shastri National Academy of Administration this week, RBI Deputy Governor Patra highlighted India’s traditional strengths and advantages that are expected to propel its growth in the coming decades.

The development process has been predominantly driven by capital accumulation, which makes investment the main lever of growth which has stabilised at 31.2 per cent during 2021-23, and is showing signs of acceleration.

In his speech now posted on the RBI website, Patra said: “Historically, India’s investment has been financed by domestic savings, with households being the prime provider of resources to the rest of the economy. In the period 2021-23, the gross domestic saving rate has averaged 30.7 per cent of gross national disposable income.