More than 300 million people in India were lifted out of poverty between 2006 and 2020, says Rbi Dg Michael Patra


By CNBCTV18.com IST (Released)

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Speaking at an Azadi Ka Amrit Mahotsav event organized by the RBI in Bhubaneswar, Patra said that “the 75-year journey of independent India has been quite amazing”.

Reserve Bank of India Deputy Governor Michael Patra said India’s economic journey has been astonishing over the past 75 years. Speaking at an event hosted by the Reserve Bank of India, Patra said India had 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 “the 75-year journey of independent India has been quite amazing. Between 2006 and just before the COVID-19 pandemic hit, more than 300 million people in India were lifted out of poverty, the highest rate of poverty reduction in the world.

Patra pointed out that India is today a world leader in the export of several agricultural products as well as a world leader in terms of production and export of several new age products like tractors, two-wheelers , smartphones, cars and even spacecraft.

“In 2021, India has become the world’s largest exporter of rice, with more than the combined exports of the world’s No. 2 and 3,” Patra said.

“A widely used indicator of a country’s economic progress is the growth of gross domestic product, which is the value of all final goods and services produced in an economy during, say, a quarter or a year. Looking back over the past 75 years, statistical tests (Bai-Perron structural break tests) reveal that India’s growth trajectory has gone through three phases. Until the 1970s, India had an average GDP growth of 3.6% – the so-called Hindu growth rate – which has been associated with the inward-looking policies adopted during this period,” he said. he adds.

Patra added that the country’s growth started to accelerate in the two decades from 1980 to the early 2000s, starting from liberalization, opening up and the beginning of an outward orientation. Until the pandemic hit, India managed to grow its economy by more than 7%. For the current financial year, the RBI has predicted growth of 7.2%, making India one of the fastest growing economies in the world.


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