Image Source: The Economic Times
Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra presented an eloquent keynote speech at the US-India Economic Forum in Washington, D.C., convened by the Confederation of Indian Industry (CII) and the US-India Strategic Partnership Forum (USISPF). He emphasized India's economic strength, its status as a growth engine of the world, and India-US collaboration opportunities. The following is a close look at his key points.
India's Economic Resilience:
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Governor Malhotra stressed India's strong post-pandemic economic recovery based on structural reforms and digitalization.
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He underscored India's 6.5% GDP growth rate in FY2024-25, ranking it among the fastest-growing major economies.
Digital Transformation:
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India's digital public infrastructure, such as the Unified Payments Interface (UPI) and Aadhaar, was presented as a financial inclusion and innovation model.
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The governor extended an invitation to U.S. stakeholders to partner in fintech and digital payment solutions.
Green Economy Initiatives:
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Malhotra emphasized India's commitment to sustainability, with special emphasis on renewable energy and green financing.
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He appealed for cooperative efforts in climate finance and technology transfer to attain international climate targets.
Strengthening US-India Relations:
The governor noted the increased trade and investment relations between the two countries, with bilateral trade exceeding $190 billion in 2024.
He appealed for enhanced cooperation in areas such as technology, healthcare, and manufacturing.
Reforms in the Financial Sector:
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Malhotra outlined recent reforms in India's banking and financial sectors, aimed at enhancing transparency, efficiency, and global competitiveness.
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He invited U.S. investors to explore opportunities in India's evolving financial landscape.
Vision for the Future:
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The governor concluded with a vision for a "Viksit Bharat 2047," envisioning India as a developed nation by its centenary of independence.
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He emphasized the role of partnerships in achieving this ambitious goal.
This speech not only showcased India's economic success but also laid the groundwork for increased US-India cooperation in promoting global progress and prosperity.
Sources: RBI Official Website, Speeches - Reserve Bank of India
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